Federal Budget 2022-2023: Property market take outs

Here are the key take outs from Josh Frydenberg's Federal Budget announcements last night for financial year 2022-23.

Rising interest rates and slow wage growth are factored into budget predictions, yet home ownership remains a focus with regional Australia and first home buyers schemes getting a boost despite challenging financial conditions for prospective purchasers.

The Home Guarantee Scheme (previously the First Home Loan Deposit Scheme) is set to be expanded, with 35,000 spots available, up from 10,000 previously. The scheme allows first home buyers to purchase with a deposit as low as 5% without the need to pay lenders mortgage insurance.

The Family Home Guarantee supporting single parents with a deposits as low as 2% is to double from 2,500 to 5,000 allocations per year.

Regional Australia gets a boost with the release of a new Regional Home Guarantee with 10,000 allotments in a similar manner to the Home Guarantee Scheme. Regional also gets a sugar hit from a $7 billion regional infrastructure program and extension of the Regional Accelerator Program improving skills and education outside of the metro hubs.

Other notable take outs include some temporary relief at the petrol pump, tax breaks for low - middle income earners as well as farmers trading carbon credits.