The 2022 Federal Budget has met the expectation of being an election budget. The Government’s focus on ‘temporary, targeted and responsible’ measures have been designed to drive a favourable outcome at the polling booths in May.
Similar to the 2020 and 2021 budgets – which were strongly focussed on the spending necessary to ensure the Australian economy survived the impacts of the COVID pandemic – the 2022 budget has proposed the delivery of measures that will relieve some of the acute pain points, particularly around cost-of-living pressures.
For the small business sector, there is targeted stimulus spending designed to improve cashflow, sustain employment and encourage investment in business efficiency measures.
The budget measures provide temporary or one-off benefits to help families with the cost of living, including a temporary reduction in fuel excise, cost of living payments and tax offset, expansion of the home guarantee scheme, and greater flexibility for parental leave payments.
Stabilising our increasing debt levels, addressing workforce shortages, and investing in skills growth are also key themes.
Disappointingly, Australia continues to miss the global message on taking the right steps to decarbonising the planet.
The Government’s clear purpose for this budget is demonstrating why they should be given a mandate to return for the next three years.
Our team of experts have worked through the night to share their interpretation of what the budget means for you, your family, and your business. Over the coming few days, we will continue to share our interpretations via this webpage.
If you have any questions as to how this budget impacts you and your business, please do not hesitate to contact your local Bentleys advisor.
We are here to help you navigate through the information, and help you get where you want to be.