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 you and your family.
This information 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 25 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. 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.