On 9 May 2023, Treasurer Jim Chalmers handed down the 2023-24 Federal Budget.

It follows the Treasurer’s “mini-budget” in October, which was released five months after Labor won the May election. Amid the backdrop of economic instability and cost of living pressures, the Government delivered the first budget surplus in 15 years.

Dr Chalmer’s message to Australians was that this was a Budget that lay the foundations for growth and prosperity. The 2023-24 Federal Budget focused on cost-of-living relief through electricity bill support, cheaper childcare, rent assistance and an increase to JobSeeker payments. There was also historic investment in Medicare, defence and energy transition.

FIA's financial and business advisory partner, HLB Mann Judd’s Federal Budget Alert provides a succinct summary of the announcements related to personal and business taxation, tax compliance and superannuation.

Contact their advisers should you wish to learn more or prepare for any matters which may affect your business or personal situation.

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