This year’s Federal Budget is an ‘election budget’ with a focus on alleviating cost of living pressures for all Australians, especially low- and middle-income earners and those receiving social security entitlements.

Key initiatives include:

  • Cost of living tax payment/offset
  • Halving of fuel excise
  • Indexation of the Medicare Levy thresholds
  • Affordable housing measures
  • Continuation of the reduced minimum pension drawdown
  • Paid parental leave changes
  • Lowering the Pharmaceutical Benefits Scheme (PBS) safety net

If you are interested in how the 2022/2023 Federal Budget will affect you, click here to review the Budget Analysis from the RI Advice Licensee Technical Team, but remember these proposals are subject to the passing of legislation.

Alternatively, for a simple breakdown of the budget announcements, click here to watch this Federal Budget Presentation from RI Advice.

Should you have any queries or concerns about how the budget may affect you, please call 1300 143 510 to speak with your Financial Adviser.

 

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.