2022 federal election outcome and analysis

KPMG thanks the Hon. Scott Morrison for his service to the country, and congratulates the Hon. Anthony Albanese as Australia’s 31st Prime Minister.

The Labor Party has won the 2022 federal election with a campaign promising to deliver a better future for all Australians. The newly elected Labor Government will continue the existing significant expenditure in health, social services, industry and renewable energy, with reforms in industrial relations and across the public service also expected.

The government has pledged big spends in health and wellbeing. This includes upgrading urgent care clinics, widespread initiatives in aged care and expanding medicines access under the Pharmaceutical Benefits Scheme.

The government has committed to implementing the Uluru Statement in full – voice, treaty and truth. KPMG commends this move, and strongly supports further action towards reconciliation.

The government will provide a large spending package in skilled manufacturing and upskilling Australia. This is led by the $15 billion National Reconstruction Fund, which aims to support and create secure, well-paid jobs.

We commend the government on their ambitious targets on climate change, including committing to reducing carbon emissions by 43 percent by 2030 and achieving net zero by 2050. It plans to achieve this through adjusting the Safeguard Mechanism, investing in green industries, and upgrades to the electricity grid infrastructure.

The campaign saw very little debate on tax reform. The government will continue with the legislated personal income tax cuts announced by the outgoing government, and will attempt to recover $1.89 billion through new measures targeting multinational businesses. We look forward to consultation with the government regarding future tax reform.

The government will make a range of reforms in industrial relations that aim to reduce casualisation of the workforce and increase stability in employment. It will also make a submission to the Fair Work Commission’s Wages Tribunal in favour of a pay rise that keeps up with the inflation rate.

The Labor Party provided bipartisan support for the AUKUS agreement, and the government will conduct the first Defence Posture Review since 2012.

The government also intends to invest heavily in infrastructure projects all over the country.

There are many challenges ahead and we wish the new government every success as it tackles them.

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