Federal Budget overview 2022/23 – October
Treasurer Jim Chalmers handed down our second Federal Budget for FY2022-23 last night. The Labor Party’s first Budget showed spending restraint amidst rising inflation with key investment areas including education, infrastructure and energy & resources.
With the change of government, there was great anticipation on the updated Federal Budget. However, this Budget may not provide enough support for households in managing the cost of living. Many businesses, especially small to medium-sized businesses are still feeling the impact of the COVID-19 pandemic and rising prices and interest rates.
On 25 October 2022, the Treasurer announced the Government’s plan for a more inclusive and sustainable economy. This budget is in line with the Labor’s five-point Economic Plan, aiming to reduce the costs of living, drive productivity growth and expand the capacity of the economy to alleviate supply side pressures, increase real wages and genuine economic investment for Australians. The SW team has navigated the papers to find key measures for industry and sectors.
Did you miss out on our Federal Budget webinar?
Check out Bill Lang, Director at Small Business Australia and our panel of industry experts as they share their insights and key takeaways from the Budget.
What does the Federal Budget mean for you?
Our Fast Facts provide an overview of the budget insights and potential opportunities from our team of experts. Tailored to your industry or business type, SW also reviews if the Federal Budget support measured up to expectations.
Take a look at what the Federal Budget means for you in 2022: