Australian Federal Budget March 2022-23
The Government’s 2022-23 Budget presents a strong focus on short term economic assistance, with relief measures aimed at cost of living and other economic pressures facing individuals and small business.
Despite global disruption of business and supply chains and the advent of recent disasters, the Australian economy has generally bounced back strongly from the last two COVID dominated years, with record low unemployment levels and relatively low interest rates. However inflationary pressures risk eroding some of the recent economic gains, meaning the Government has a difficult task balancing stimulus measures to ease pressures on households, while still seeking to ensure longer term economic goals such as real wage growth can continue.
Budget deficits are now an accepted outcome of current Government fiscal policy and Government measures aimed at softening the impact of COVID through schemes such as JobKeeper, instant tax write-off concessions and extending the low and middle income tax offset, have supported consumer and business confidence over the longer period, with retail spending more recently being one of the highest on record. However, such measures need at some point to be wound back and the ‘magic’ tipping point which allows that to happen without hurting households is difficult to find, particularly when factors outside the Government’s control such as events in Europe can significantly impact the local economy. While the budget deficit has fallen, in part due to strong commodity prices and is forecast to fall further, constraints such as limited immigration will mean that finding the right skill base needed for longer term growth will be a continuing focus over the next few years. This will be especially so given the Governments 10 year infrastructure investment pipeline of over $120 billion and new Defence spending.
Australia remains a ‘lucky’ country in having a stable political environment, vast natural resources and low unemployment. The challenge for the Government will be capitalising on those advantages and being able to smooth short term issues while still ensuring long term prosperity.
All Budget 2022-23 documents are available to download from the Treasury's Budget 2022-23 website.
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DEEP DIVES
Federal Budget 2022-23: Aged Care Sector Deep Dive
In the 2022-23 budget, the Government is continuing its reform of the aged care sector.
31 March 2022
Federal Budget 2022-23: Climate & ESG Deep Dive
In our full Federal Budget Report, we reflected on the fact that Australia remains a ‘lucky’ country in having a stable political environment, vast natural resources and low unemployment. The challenge for the Government will be capitalising on those advantages and being able to smooth short term issues while still ensuring long term prosperity.
31 March 2022
Federal Budget 2022-23: Data & Tech Deep Dive
In our full Federal Budget Report, we reflected on the fact that Australia remains a ‘lucky’ country in having a stable political environment, vast natural resources and low unemployment. The challenge for the Government will be capitalising on those advantages and being able to smooth short term issues while still ensuring long term prosperity. Will the strategic digital initiatives provide an opportunity for longer term prosperity?
30 March 2022
Federal Budget 2022-23: Energy & Fuel Excise Deep Dive
In our full Federal Budget Report, we reflected on the fact that Australia remains a ‘lucky’ country in having a stable political environment, vast natural resources and low unemployment. The challenge for the Government will be capitalising on those advantages and being able to smooth short term issues while still ensuring long term prosperity.
30 March 2022
FEDERAL BUDGET INSIGHTS
Payroll Remediation: FWO sets down goalposts for remediating employees
Against a backdrop where wage underpayments can now attract civil and criminal liability and have become an increasingly prevalent area of focus at the senior leadership level, the Fair Work Ombudsman has recently published its highly anticipated Payroll Remediation Program Guide.
24 April 2025
Anti-corruption insight series: spotlight on procurement
The Australian Government spends tens of billions of dollars on procurement contracts each year, and even more on grants.
24 April 2025
The Dispatch - April 2025
Over the last few months, our teams have played a key role in our clients transaction wins, particularly in the energy transition and resources sectors.
22 April 2025
Top 10 Trends for Private Capital in an uncertain world
With sophisticated investors quickly seeking diversification in response to geopolitical risk, Asia Pacific markets are well-positioned to become an attractive hedge.
17 April 2025
Private Capital Leading the Surge into Data Centres - What have we learned and what next?
Australia and the Asia Pacific Region emerge as a hotbed for data centre investment, as the AI revolution and resulting demand for digital infrastructure surges.
17 April 2025
Cov-What? Financial covenants in leveraged finance deals
A short primer on the different approaches being taken to financial covenants in leveraged finance deals
17 April 2025
Get Ready to Report: Australia’s New Climate Rules Are Coming and They’re Not Just for Tree Huggers!
2025 marks a fresh chapter for sustainability reporting in Australia, with large entities kicking off their first full financial year of reporting from 1 January 2025. This article explores what this new regime means for private equity sponsors in Australia.
17 April 2025
Getting sponsors in shape for Australia’s new merger clearance regime
From the beginning of next year, a new merger clearance regime will mean that larger scale financial sponsors will see most of their future transactions in Australia - including ‘serial acquisitions’ – likely require regulatory approval to proceed.
17 April 2025
Australia’s Private Markets in Focus: ASIC's Taking a Look
In February ASIC released its discussion paper on the evolving dynamics within Australia’s public and private markets.
17 April 2025
Doing Business: KWM’s Guide to Doing Business in Australia
KWM’s Guide to Doing Business in Australia is your essential resource to investing and undertaking business operations in Australia.
14 April 2025
Global developments on mandatory climate reporting
Starting 1 January 2025, many large Australian businesses and financial institutions must now prepare annual sustainability reports containing mandatory climate-related financial disclosures, with the Australian Securities and Investments Commission (ASIC) last week releasing its final guidance on sustainability reporting to assist entities to comply with their sustainability reporting obligations.
11 April 2025
April Security of Payment Wrap Up across Australia
The ACMA is consulting on the new SMS Sender ID Register and associated Draft Telecommunications (SMS Sender ID Register) Industry Standard 2025.
11 April 2025
STATE BUDGET INSIGHTS
Insight
2022-23 Queensland Budget Update
The 2022-23 Queensland State Budget was delivered on Tuesday 21 June 2022.
05 July 2022
Insight
2022-23 Tasmanian Budget Update
The 2022-23 Tasmanian Budget was delivered on Thursday 26 May 2022.
05 July 2022
Insight
2022-23 New South Wales Budget Update
The Budget seeks to both address current challenges and deliver transformational reform in NSW. A number of new measures have been announced, which are underpinned by the strong recovery in the NSW economy since the Delta lockdown and a robust economic outlook.
23 June 2022
Insight
2022-23 Western Australia Budget Update
The 2022-23 Western Australia State Budget was delivered on Thursday 12 May 2022.
17 May 2022
Insight
2022-23 Northern Territory Budget Update
The Northern Territory Budget for 2022-23 was delivered on Tuesday 10 May 2022. Despite
13 May 2022
Insight
2022–23 Victorian Budget Update
The 2022-23 Victorian State Budget was handed down on Tuesday 3 May.
06 May 2022
