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.
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