The Federal Treasurer Mr Jim Chalmers handed down the Federal Budget, yesterday 9 May 2023.
From personal and business tax to banking, superannuation, infrastructure, health, defence, climate change and more, the Federal Budget touches on every corner of the Australian economy. The highlights of this budget include a $5.7bn investment in Medicare and an increase in jobseeker and commonwealth rent assistance for all ages aimed at helping Australians “under the pump”.
In his Speech, the Treasurer also said, “We are now forecasting a small surplus in 2022–23 – which would be the first in 15 years. We expect that to be followed by a deficit of $13.9 billion in 2023–24. And, lower deficits across the forward years compared to recent Budgets – Leading to a $125.9 billion improvement over 5 years – And a much lower public debt burden.”
Access our Budget Report and Tax & Superannuation Overview for a full analysis via the links below.