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Federal Budget
The Federal Budget 2022-23 was delivered by Treasurer Josh Frydenberg on 29 March 2022. The budget web site is at the following link.
The Federal Budget is usually delivered on the second Tuesday of May, but in order to accommodate a federal election being held on Saturday 21 May 2022, the Budget was moved forward.
Leading commentaries on the Budget are at the follow links:
The fact that the Liberal / National Party Coalition lost the 2022 election means that there could be significant changes to the Budget as Labor focusses on making good on pledges to the electorate in the lead up to the election and also taking account of significant changes in economic conditions both within Australia and overseas since.
It expected that Treasurer Dr Jim Chalmers is aiming to hand down his first budget on 25 October 2022.
The prime minister, Anthony Albanese, has recently told his MPs to brace for ‘difficult decisions’ in the government’s first budget as he flags cost of living relief in the face of further interest rate hikes.
As the Reserve Bank of Australia lifted the official cash rate to a seven-year high of 2.35% on Tuesday 6 September, Albanese said he was aware of the impact it would have on families already feeling the pinch from rising inflation.
On the one hand we have the RBA lifting the cost of money to try to fight inflation and, on the other hand, we have the Federal government looking for options to reduce the of cost-of-living pressures on Australians.
As an example, amid the growing cost of living pressures, the government on Wednesday will introduce legislation to fulfil an election pledge to lower the price of medicines, with the maximum co-payment under the pharmaceutical benefit scheme to be cut from $42.50 per prescription to $30.
More details will be available on this site following the release of the October 2022 Budget.