Summary of Initiatives
In Budget 2022, the Government is investing an average of $5.9 billion per year in new operating spending, with further initiatives funded from Budget 2023 and 2024 allowances as a result of new multi-year funding approaches. The Government is also investing $4.7 billion in new capital spending against the Multi-Year Capital Allowance, which was set at $9.8 billion in the 2022 Budget Policy Statement (after pre-commitments).
Table 9 provides a breakdown of the Budget 2022, including offsets from savings and reprioritisation of unspent funding in tagged contingencies and the COVID-19 Response and Recovery Fund. For total expenditure by Vote, see the Estimates of Appropriations for 2022/23.
Table 9 - Budget 2022 net expenditure breakdown
|Budget 2022 Operating Average
|Budget 2023 Operating Average
|Budget 2024 Operating Average
|Operating Total($m)||Capital Total($m)|
|Budget 2022 new spending||6,156||-||-||24,624||4,480|
|Multi-Year Health spending||266||1,563||-||6,019||261|
|Savings and Reprioritisation||(951)||-||-||(3,804)||(127)|
|Other funding source*||172||-||-||689||(27)|
* Outside allowances, Emerging priorities contingency and COVID-19 Response and Recovery Fund. Table excludes Climate Emergency Response Fund.
^ This figure includes the offset of funding ($1 billion), which has been repurposed from the COVID-19 Response and Recovery Fund. Table 2.6 in the 2022 Budget Economic and Fiscal Update (Budget Update), shows the total Budget 2022 operating package before this offset is taken into account of $31.609 billion.
Climate Emergency Response Fund
Initiatives funded from the Climate Emergency Response Fund were also part of the Budget 2022 decision-making process. In Budget 2022, the Climate Emergency Response Fund has supported a $2.9 billion spending package.
Table 10 - Climate Emergency Response Fund
|Climate Emergency Response Fund||2,750*||195|
* In the 2022 Budget Update, the total operating spending for the Climate Emergency Response Fund is $3.615 billion, which consists of the $2.750 billion Budget 2022 package, and an additional $865 million in pre-commitments.