“There are hard days to come” and “hard decisions to accompany them” said Treasurer Jim Chalmers.

Click HERE to view pdf of Federal Budget Summary 2022-23 v2. 

AT A GLANCE

$36.9bn Budget Deficit for 2022 -2023 year (1.5% of GDP)

3.25% Forecast real GDP growth

$7bn to be raised by ATO’s anti avoidance measures and programs

$1bn Investment in fee free tafe courses.

$4.7bn over 4 years to deliver cheaper childcare

$714bn net debt (37.3% of GDP)

$1.2bn for closing the gap for First Nations People

$1.7bn over 6 years will go towards ending violence against women

$20bn to upgrades to Australia’s electricity grid

$1.4bn for PBS listing expansion.

1m new homes to be delivered, including 20,000 affordable homes, 30,000 affordable and social homes.

Minimum age to qualify for home downsizer contributions into super is to drop from 60 to 55 years of age.

While recent Budgets have focussed on stimulus, the tax changes in this Budget are focussed squarely on maximising the collection of revenue.

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