After fifteen years of deficits, the 2023 budget handed down by Jim Chalmers on Tuesday 9 May delivered a surplus of $4.2b – largely a result of strong commodity prices and tax revenue due to the low unemployment rate. However, the surplus is likely to be short-lived with a return to deficit predicted in the ensuing years (-$13.9b estimated for 2023/24). Of this budget surplus, 82% of the extra revenue will be retained to reduce Government debt.
Fiducian Financial Services has summarised some of the relevant initiatives for Superannuation, Taxation and Housing.
Find the NTAA’s summary of the key highlights of the 2022-23 Federal Budget.