2023-2024 Federal Budget Announcement

Jim Chalmers, Treasurer of Australia under the Albanese Government, presented the Australian Federal Budget on Tuesday, May 9 2023.

By Aaron Garry

The Federal Budget sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year (i.e. the 2023/24 financial year), the proposed conduct of Australian Government operations in that period, and its fiscal policy for the forward years. As for any budget, enabling legislation will need to be passed through both houses of the Federal Parliament so that these measures can be available.

Given the current challenges posed by interest rates and the cost of living, the Prime Minister has pledged a “responsible budget” that will include “spending restraint”. This year’s budget is likely to have implications for businesses operating in Australia, including global businesses with operations in the country. As such, it is essential to keep a close eye on the budget announcements and understand how they may impact your operations.

Our team has reviewed the Federal Budget papers and summarised the key issues we feel may be relevant to our clients operating businesses here in Australia, and these are split into the following sections:

• Economic Outlook
• Small Business Incentives and Tax Changes
• Industry-Specific Announcements
• Visa and Migration Policies

To read our 2023-2024 Federal Budget Summary, please click here: 2023 Federal Budget Australia - How Your Business is Impacted (activehosted.com)

Published: 22nd May 2023