On 9 May 2023, the Labor Government handed down the 2023/24 Federal Budget. This was largely a no surprises Budget, with most announcements having been released in the weeks leading up to Budget night.
With the economic outlook still looking tough, with low levels of Gross Domestic Product into the next 12 months and inflation still high, albeit slowly coming under control, the Government has had to be careful to address current concerns whilst not creating problems for future years.
Below you will find summaries and analysis of some of the major proposals and how they may affect you and your family.
Federal Budget briefing for investors (PDF 221KB)
Federal Budget economic overview (PDF 868KB)
Cost-of-living measures (PDF 236KB)
This document has been prepared by BT, a part of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian Credit Licence 233714 (Westpac) and information is current as at 10 May 2023. The information in this document regarding taxation and legislative change is based on policy announcements which are yet to be passed as legislation and may be subject to future change. This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it. You should obtain and consider the relevant Product Disclosure Statement or other disclosure document, before making any decision about a product including whether to acquire or to continue to hold it.
This document may contain material provided by third parties derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, the Westpac accepts no responsibility for the accuracy or completeness of, nor does it endorse any such third party material. To the maximum extent permitted by law, we intend by this notice to exclude liability for this third party material. This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it. This document provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.