26 October 2022

How will the Australian Federal Budget affect businesses?

The Albanese Government has sought to re-set the government’s financial agenda, with what is being referred to as a “bread and butter” special Budget.

An improved post-pandemic bottom line is forecast, however many pandemic and global induced challenges remain.

The forecast deficit for the 2022-23 year is $36.9 billion, and the 2021-22 year resulted in a $32 billion deficit. These figures are lower than what was forecast in the March 2022 Budget. However, the key economic challenges to highlight are:

  • Inflation
  • Low real wages growth
  • Low productivity growth
  • Recovering from natural disasters such as the floods in New South Wales, Victoria and Tasmania.

Summary and highlights

Nexia Australia have set out a summary of the key measures announced, and what they mean for you.

See the following video for the highlights and read the complete summary on their website, via the button below.

Next steps

If any of these announcements may have an impact on your business or trans-Tasman operations, please contact your Nexia advisor to discuss your course of action.

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