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Mazars shares its 2022-23 Federal Budget Report

Following the publishing of the Federal Budget by the Australian Federal Treasurer, Mr Josh Frydenberg, Mazars publishes its Federal Budget Bulletin.

The day after the Australian Federal Treasurer, Mr Josh Frydenberg, published the 2022-23 Federal Budget, Mazars shares with us its analysis on the measures and announcements showcased.

The 2022-23 Federal Budget is the first budget in two years which focuses less on overwhelming stimulus designed to encourage businesses to spend their way out of a covid fuelled recession.

The Australian economy is beginning to see the light at the end of the COVID-tunnel. The Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23. As international uncertainties add pressure on the cost of living, key measures in the Budget provide cost of living relief in the form of an increased Low and Middle Income Tax Offset, a one off $250 payment for welfare recipients and pensioners and a 6-month fuel excise relief.  

The Budget brief provided by Mazars summarises the key tax and superannuation announcements that they expect will most affect individuals and businesses.

To read Mazars' full report of the 2022-23 Federal Budget, click here.

Source: Mazars