Winners and losers in October 2022 budget from Anthony Albanese, Jim Chalmers

Treasurer Jim Chalmers has just handed down the second budget for 2022, and the first for Anthony Albanese's Labor government. There are winners and losers in every federal budget, and this one is no different.

Here's who wins, and who loses in the first Chalmers-Albanese budget.

Housing affordability and supply pressures are addressed in an aspirational pledge to build a million "well located" homes by the decade's end, kicking off in mid-2024.

Treasurer Jim Chalmers said it was the federal government's "priority" these homes would be built in the regions and near job opportunities rather than situated solely in or near the capital cities.

Labor will commit $350 million over five years toward the plan with states and territories delivering an additional 10,000 affordable homes, doubling the number provided under the plan.

Investments will also go toward building 30,000 new social and affordable dwellings as part of its plans to address affordability needs.

Cheaper childcare and extended paid parental leave form part of a suite of policies aimed at making raising a family more affordable.

A total of $4.7 billion will be invested over the next four years with child care subsidy rates increasing by 90 per cent from mid-next year.

The number of weeks new parents can access paid parental leave will also be lifted to 26 weeks by 2026, increasing by two weeks each year from its existing 18 weeks.

Former serving personnel are getting additional support with permanently incapacitated Defence veterans receiving a $1000 increase to their annual pension payment.

The plagued Department of Veterans' Affairs meanwhile will receive an additional $233.9 million for boosting staff needed for processing compensation claims over the next four years.

Veteran welfare is on the agenda too with $46.7 million being committed to 10 Veterans' and Families' Hubs across the country.

After a halt in migration levels due to the global pandemic, the federal government is looking to boost the country's intake of skilled migrants to address critical skills shortages.

The permanent migration cap was increased to 195,000 from 35,000 for the 2022-23 period with more than 90 per cent of those new spots reserved for skilled migrants.

Working restrictions will also be eased for foreign students and secondary training visa holders.

Visa processing is also being boosted with an extra $42.2 million dedicated to reducing the backlog of applications.

The federal bureaucracy wins big in Labor's budget with staffing numbers boosted and operating budgets expanded.

The Department of Veterans' Affairs has scored an extra 600 staff while the Australian Taxation Office increases its staffing cap by 1200 to nearly 20,000 employees.

A "significant" National Security Office Precinct will also be established in Canberra's Parliamentary Triangle after planning began in early 2020.

It's not known how much the building will cost but it is expected to hold around 5000 staff with Commonwealth agencies, including the Office of National Intelligence and the Foreign Affairs Department, eventually taking residence there.

The Indo-Pacific region is far from ignored in this budget receiving a number of commitments across defence, migration and infrastructure.

The Australian Pacific Defence School will be built while a new financing partnership will pave the way for climate resilient infrastructure projects.

Residents of Pacific island nations, along with Timor-Leste, will also be allocated up to 3000 permanent visa pathways annually.

Around $75 million is being set aside by the federal government to deliver its promised referendum to establish a First Nations Voice to Parliament within Australia's constitution.

Another $5.8 million has also been committed in this budget to set up an independent commission, the Makarrata Commission, tasked overseeing agreement-making and truth-telling.

The National Indigenous Australians Agency will also receive a $6.5 million funding boost.

Nearly half a million fee-free TAFE places and community-based vocational education places will be made available over the next four years.

It's expected 180,000 places will be delivered next year alone thanks to a $1 billion agreement between the federal, state and territory governments.

Low socio-economic, regional and remote students will be targeted as 20,000 additional university places will be opened up in a one-off boost.

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Student wellbeing will also be at the forefront with $203.7 million being directed to schools for improving mental health and wellbeing.

Tax loopholes will be targeted with the Labor government expecting to recoup around $1 billion from major multinational companies.

An extra $3.7 billion is expected to be poured back in the coffers by zeroing in on those dodging taxes.

Nearly $10 billion in regional infrastructure programs have been cut following Labor's line-by-line audit, including two major water dams in Queensland.

Instead, the federal government promises to re-invest the billions in "fairer" programs, totalling $7.4 billion to support regional development.

Two new grants programs, announced on Monday, will instead support local projects, such as libraries regional airport upgrades.

Foreign investment fees will be increased to ensure Australians don't bear the cost of the administration in a move that's expected to raise $457.4 million over four years.

Fees had already doubled on July 29 while penalties for non-compliance will also double on January 1, 2023.

The federal government's wastage audit meant a number of former Coalition grants programs turned up on the cutting room floor.

Apart from the Building Better Regions fund, cut on Monday, the Safer Communities program was canned with $50 million redirected over the next two years.

The government is ripping $3.6 billion from public service spending on external labour, advertising, travel and legal expenses, flagging most of the cuts will arrive in 2025-26.

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