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BDO's analysis on the 2023 Federal budget

BDO's report on the 2023 Federal Budget details all upcoming measures to be taken by the Australian's Government to control the economic crisis.

BDO in Australia's 2023 Federal Budget report delivers a comprehensive analysis of key measures recently announced by the Government and what they might mean for Australian businesses and individuals.

In a climate characterised by acute cost of living pressures, Treasurer Chalmers’ second budget has put the spotlight on easing the impacts of rising inflation and driving wage growth.

It’s clear the Government is committed to achieving responsible and targeted relief for the Australian community at large, by building a stronger and more sustainable care economy.

A range of measures were announced to provide timely benefits for individuals. From financial relief to cope with the cost of electricity, to higher welfare payments for parents, jobseekers, students and those seeking rental assistance, increases in wages for aged care workers and a record tripling of the Medicare bulk-billing system.

Ultimately, what is most evident is that the creation of a sustainable revenue system is still not part of the plan. From our perspective, building a sustainable economy relies on a sustainable revenue system and, at the moment, there is much room for improvement. How can Australia ensure the long-term viability of its tax system without a proactive effort now?

Source: BDO's analysis of the 2023 Federal Budget - BDO Australia 

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