Budget October 2022-23 – Comprehensive summary

 

The Federal Government is to continue spending more than it earns for at least the next two years at least.

 

 

The Federal Budget estimates a deficit of $36.9 billion for 2022-23 and another $44 billion for 2023-24. While the economy is expected to grow by 3.25 per cent in 2022-23, it is predicted to slow to 1.5 per cent for 2023-24, a full percentage point lower than forecast in March 2022, a drop almost entirely due to global influences such as the Ukraine war and slowing economies, especially China.

Inflation is expected to peak at 7.75 per cent later in 2022 but is projected to moderate to 3.5 per cent through 2023-24 and return to the Reserve Bank's target range in 2024-25.

Below are the key categories of the 2022-23 budget.

Cost of Living Relief

We are providing responsible cost of living relief that doesn’t put additional pressure on inflation.

 

A stronger, more resilient economy

Investing in the capabilities of our people and the capacity of our economy.

 

Responsible Budget repair

The best defence against uncertainty overseas is a responsible Budget at home

 

Paying for what’s important

By responsibly managing the Budget, we can pay for the things that Australians value the most.

 

 

 

Source
budget.gov.au

More Articles

Why crypto treads an uncertain path through tax minefield

The taxation of digital assets used for lending and borrowing would benefit from clear-sighted...

Read full article

Wheat Production by Country

Check out the countries that produce the most...

Read full article

Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’

Following years of mixed messaging, Labor has bowed to economic pressure and announced changes to its stage...

Read full article

Investment and economic outlook, January 2024

Region-by-region economic outlook and latest forecasts for investment returns. . What might shipping...

Read full article

Quarterly reporting regime means communication now paramount: expert

Communication between SMSF trustees, accountants and advisers is more crucial than ever with the quarterly...

Read full article

Four timeless principles for investing success

Investing success can mean different things to different people. Being clear on what success means for you is...

Read full article

Plan now to take advantage of 5-year carry forward rule: expert

This is the last year that the five-year catch-up contribution rules for concessional contributions can be...

Read full article

Super literacy low for cash-strapped

Financial literacy around superannuation is poor for many lower-income people, who still question why they...

Read full article

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

Financial Services Guide - Disclaimer & Privacy Policy

^