On Tuesday, 29 March 2022 Treasurer Josh Frydenberg handed down the 2022-2023 Federal Budget covering a range of measures aiming to reduce pressure from increased costs of living and help more people into homes.
Strong economic recovery is well underway, notwithstanding the COVID-19 Pandemic and new shocks, such as the recent floods and Russian invasion of Ukraine. The Treasurer said economic growth forecasts had been revised upwards, driven by stronger-than-expected momentum in the labour market and consumer spending. The unemployment rate has also fallen to 4% per cent and is expected to reach 3.75 per cent in the September 2022 quarter.
The government is expected to record a deficit of $79.8 billion for 2021-22 and $78.0 billion for 202-23 (down from $134.2 billion in 2020-21). Net debt of $714.9 billion for 2022-23 is forecast to rise to $864.7 billion in 2025-26.
We have provided a summary of the Budget covering the following key areas:
- Personal taxation
- Superannuation
- Home ownership
- Social security
- Business taxation
View our 2022-23 Federal Budget Summary