The 2022-23 Federal Budget has been released. What’s in it for you includes:

Superannuation

  • Extending the 50% reduction of the Minimum Drawdown of Pension Payments for Account Based Pensions to 30 June 2023.
  • The Super Guarantee rate to increase to 10.5% on 1 July as previously legislated.
  • The $450 threshold before super guarantee applied is removed from 1 July 2022 as per last year’s budget announcement. Super Guarantee will be required to be paid from all normal wages from 1 July 2022.

This budget is aimed at assisting people with cost of living increases that are occurring in the economy.

The Federal Government is estimating a $79 billion deficit for this 2022 Financial Year and a $78 billion deficit for the 2023 Financial Year.​​ The Government’s Gross debt is forecasted to be $977 billion at the end of this 2023 Financial Year. This is forecasted to rise to $1.169 trillion at the end of the 2026 Financial Year.

As these are only the main points, please click here for further details. If you have any questions please contact us.

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