Federal Budget Brief 2022-23 2.0
Aspen Corporate • 26 October 2022
Shuffling the Deck: 2022-23 Budget 2.0
There is nothing in the 2022-23 Federal Budget 2.0 that will create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives.
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.
If you have any further questions about the budget, or would like any assistance, please contact your Aspen Corporate Advisor on 08 9228 0770 or at
advisor@aspencorp.com.au.
The Reserve Bank of Australia (RBA) delivered a 25 basis point rate cut, lowering the cash rate from 3.85% to 3.60%, the third reduction this year.
On 1 July 2025 the superannuation guarantee rate increased to 12% which is the final stage of a series of previously legislated increases.
The Governments intention is to ban non-compete clauses for low and middle-income employees and consult on the use of non-compete clauses for higher incomes.
The Productivity Commission (PC) has been tasked by the Australian Government to conduct an inquiry into creating a more dynamic and resilient economy.
The Australian Government has passed new legislation to reduce student loan debt by 20% and change the way that loan repayments are determined.
The Reserve Bank of Australia (RBA) held the cash rate steady at 3.85% in July.
