Australian Federal Budget 2022-23

The Hon Dr Jim Chalmers MP, Treasurer has handed down the new 2022-23 Federal Budget. BT’s technical team have analysed the budget announcements and have produced briefing documents outlining the major changes impacting financial advisers and their clients.

On 25 October 2022, the new Labor Government handed down its October 2022/23 Federal Budget. It would be fair to say that this was not a typical Budget, both from a timing and content perspective.

The Government has referred to this as a Budget that is solid, sensible and suitable for the times, with a significant focus on trying to address cost of living pressures. The announcements made in this area may not be readily obvious, as it is not a Budget loaded with cash handouts, tax cuts etc. Rather, many of the announcements were more focussed on addressing structural factors in the economy that, ultimately, are aimed at reducing inflationary pressures and consequential impacts on interest rates over the longer term.

Following is a summary of some of the major proposals and how they may affect your clients.

Downloads and resources

Join BT’s Head of Financial Literacy, Bryan Ashenden for a live webinar as he dissects the Budget, what it contains and the impacts for you, and your clients.

We’ll be hosting two webinars, covering the same content. Please register for the time that best suits your schedule:

  • Session 1: 8.00 – 9.00am (Sydney time)
  • Session 2: 12.00 – 1.00pm (Sydney time)

These sessions will be CPD accredited.

A bear market is typically defined as a price fall of 20% or more from a recent peak. The US share market, as proxied by the S&P 500 index, entered a bear market at the start of June.
Wage growth is on the up as an incredibly strong labour market is translating into broader wage pressures across the economy. In annual terms, wages, as measured by the Wage Price Index, grew by 2.6% in the June quarter – the fastest pace in eight years. However, this was not as strong as expected by many economists, including ourselves, especially given the strength in the jobs market.
The Bull and Bear Market chart illustrates how the S&P500 and the Australian All Ords have performed over the last 80 years. Specifically identifying periods of market growth and market decline.


This information has been prepared for use by advisers only and must not be made available to any client. 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 is current as at 5 October 2022.

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.