Treasurer Josh Frydenberg has handed down his latest (and potentially last) budget continuing the Coalition’s theme from recent budgets of building resilience in the economy to fund economic and wages growth. The Coalition Government has continued to spend money – this time to assist with increased living costs through one-off payments (although this is the last year of the “lamington”) and temporary relief in petrol excise.
The budget deficit is lower than forecasted largely due to revenue raised from commodity prices combined with the impact of higher employment. This has provided the Government with the opportunity to provide targeted one-off payments to address ‘cost of living’ pressures whilst seeking to balance the impact on the economy and inflation.
We have put together a Whitepaper covering all the key announcements for Individuals and Businesses ESV Budget Special 2022.