Government Updates

Federal Budget October 2022

Nov, 2022

As discussed in a previous post, Fehons technical team, as part of the Deloitte Blank Ink Network, attended the Federal Budget webinar.

During the webinar, we went through the plan that the Treasurer Jim Chalmers delivered with key announcements:

• Budget bottom line to improve now, but worsen later; tough decisions still to come
• No change to legislated Stage 3 tax cuts for individuals
• Changes to business tax measures principally target interest and royalties
• Budget papers silent on fate of patent box and Digital Games Tax Offset
• Health and aged care drives government spending with no commitment to real reform
• Australian immigration program set for review to tackle skills shortages and productivity challenges
• Childcare support and paid parental leave to advance equity at home, work and society
• Investments in high value skills and future industries to begin the transition to a modern workforce
• Government reprioritises infrastructure investment pipeline to reflect new priorities
• Work on flagship $15 billion National Reconstruction Fund is underway focused on making revenue-generating investments
• Emissions reduction and disaster readiness focus enhances energy transition and builds resilience
• Treasury releases consultation on wellbeing measures for future budgets.

If you want to go deeper on the budget, you can refer to the Deloitte Federal Budget report below:

Deloitte’s Federal Budget Report


Nov, 2022

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