2023 Budget
We have summarised the most important points in the Budget, and how it could affect our clients. Download this article here. If you have any questions, please don’t hesitate to reach out to your adviser, or through the Contact Page of our website.
The Budget has a lot commend it: the cost-of-living measures will help ease pressure on the most vulnerable and some (energy, medicine and rent relief) will lower measured inflation; the budget is now back in surplus for this financial year; by “saving” the bulk of the revenue upgrade, budget deficits are lower and this cuts interest costs; the Government has slowed structural spending growth (eg in the NDIS) and raised extra revenue; and there is still scope for revenue surprise with commodity price assumptions.
Winners include: low and middle income households; pensioners; single parents; medicine users; GPs; aged care workers; low income renters; JobSeeker recipients; small businesses; the build to rent sector; skilled migrants; & the environment.
Losers include: gas producers; vapers & smokers; some prospective NDIS recipients; consultants to the public sector; high balance super members; & travellers.
There are of course weaknesses to the budget. Read more about these in Dr Shane Oliver’s Budget Assessment Article here.