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 your clients.
Federal Budget adviser briefing (PDF 2.6MB)
Federal Budget briefing for clients (PDF 221KB)
Can be shared with clients
Federal Budget economic overview (PDF 868KB)
Can be shared with clients
Client impact matrix (PDF 152KB)
Cost-of-living measures (PDF 236KB)
Can be shared with clients
Watch on demand the Federal budget debriefing by Bryan Ashenden, BT Head of Financial Literacy. Bryan delivers insights from the announcements as well as what it means for clients, financial advisers and advice professionals.
We hosted two webinars on Wednesday 10 May which you can replay via the link below.
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Get started with our webinar series which could provide you with helpful insights and strategies to support you, your practice and your clients.
Keep informed with BT’s regulatory and technical updates through our regular TechKnow podcasts, courtesy of BT’s technical team.
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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.
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