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
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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
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17 April 2025
Cov-What? Financial covenants in leveraged finance deals
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17 April 2025
Get Ready to Report: Australia’s New Climate Rules Are Coming and They’re Not Just for Tree Huggers!
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17 April 2025
Australia’s Private Markets in Focus: ASIC's Taking a Look
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17 April 2025
Doing Business: KWM’s Guide to Doing Business in Australia
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14 April 2025
Global developments on mandatory climate reporting
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11 April 2025
April Security of Payment Wrap Up across Australia
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11 April 2025
A New Era for Development in the Northern Territory: Passing of the Territory Coordinator Act
In a move to support its ‘Rebuilding the Economy’ agenda, the Northern Territory’s Country Liberal Party has enacted new legislation in what it’s calling the Territory's "most important piece of economic reform" in a decade.
10 April 2025
‘Likely SCAM': Australia to strictly regulate SMS sender IDs this year
The ACMA is consulting on the new SMS Sender ID Register and associated Draft Telecommunications (SMS Sender ID Register) Industry Standard 2025.
10 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
