The budget was presented to the House of Representatives by Treasurer Josh Frydenberg on 29 March 2022.

It was the ninth budget to be handed down by the Liberal/National Coalition since their election to government at the 2013 federal election, the fourth budget to be handed down by Frydenberg and the Morrison government and the last budget to be handed down by the Morrison government prior to the 2022 Australian federal election.

Despite a surplus having been projected for 2023/24,[5] the March 2022 budget predicted a deficit as result of increasing cost of living pressures imposed due to the ongoing COVID-19 pandemic.

[1] The Australian government's debt level was forecasted to be $977 billion for 2022–23, whilst net debt was forecasted to be $714.9 billion.

Debt was forecasted to reach $1.16 trillion by the 2015/26 financial year.