From the federal budget to rising inflation, we bring you a collation of key updates for October 2022.
Federal budget 2022: An overview
On Tuesday, 25 October 2022, the Treasurer, the Hon. Jim Chalmers, MP, delivered the 2022—23 Federal Budget.
The October 2022—23 Budget delivers funding for infrastructure, regional development, communications and arts measures. As part of the APS reform agenda, the government has provided the following:
$72.9 million over three years to deliver immediate benefits for the public sector and the broader Australian public. That includes:
- $40.8 million for PM&C and the APSC to develop and implement the APS reform plan
- $25 million to establish an Australian Public Service Capability Reinvestment Fund to build capability in priority areas for the APS
- $7.1 million for the Department of Finance to begin implementing the Government’s commitment to net zero emissions by 2030.
The Budget also provides more than $7 billion for essential issues like driving gender equality.
Inflation ‘number one challenge’ – says Treasurer
Treasurer Jim Chalmers stresses the rising inflation rate in Australia as he said it was ‘another difficult day for Australians’. He reiterated that inflation was the country’s ‘number one challenge’.
Interest rates in Australia are soaring rapidly as they have risen for a record seventh time in as many months. Reserve Bank of Australia has increased its key rate by 25 basis points to 2.85%.
Chalmers claimed that rising inflation remains their prime focus, even in the newly released budget. He stated, “As today’s decision has shown, inflation is the number one challenge in our economy. It’s the number one focus of the government. It’s the number one focus when it comes to the budget that we handed down last week”.
Police warned Medibank not to pay any ransom to cyber criminals
The Australian Federal Police (AFP) has warned Medibank against paying any ransom to cyber criminals.
Medibank has been taking legal advice on the next steps to secure the private medical information of its customers. AFP claimed to have participated in disrupting international cyber criminals that had recently targeted private Australian citizens and small businesses.
In a statement, the AFP’s Acting Superintendent Ashley Wygoda said that cybercriminals are employing intelligent tactics, thus urging people affected by ransomware to report it soon as it happens to the police.
NSW government to buy flood-hit homes in $800 million buyback scheme
Around 2,000 homeowners of New South Wales devastated by the Northern Rivers floods earlier this year will now be eligible to raise, repair, retrofit or have their home voluntarily bought back as part of a new $800 million program.
This scheme is being offered to Northern Rivers residents living in the most vulnerable areas, where major flooding would “pose a catastrophic risk to life”.
Prime Minister Anthony Albanese said, “We know that disasters are expected to become more frequent and more severe due to climate change, and that’s why we’re working with the NSW government to develop practical solutions to protect lives and livelihoods”.
Furthermore, the NSW government will be spending $100 million on acquiring land and opening up new flood-safe locations for future development.
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