On 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget.
“As we emerge from the pandemic we are building and even stronger, more secure and confident Australia” Treasurer Josh Frydenberg.
The relative importance of Budget measures is often indicated not by the headline but by their revenue impact. This year, the standouts are the reduction in fuel excise and the low and middle income tax offset (LMITO). However, also vitally important is the extra $652M in funding for tax audits.
This additional funding was wholly expected in light of the budget deficits that the country faces. Also, take careful note of the proposed start date of the following proposals. Query whether they will be delivered, given the likelihood of a May 2022 election.
Click TFG_Budget Summary 2022-23 to view pdf of Federal Budget Summary 2022-23.
AT A GLANCE
$7.6bn focused on cost of living, petrol tax and LMITO
$78bn Budget Deficit for 2022-2023
$714.9bn Net Debt (31% of GDP)
4.25% Real GDP Growth for 2022-23
$120bn 10-year infrastructure investment pipeline
$1.3bn Package to end violence against women
If you would like more information on how the Budget will impact you or your business, please speak to your Trident account manager or contact us on 03 9899 4036.