20 June 2024
Budget Update
Budget Summary 2023-2024
Just as is the case with many movie sequels, the May 2023 Budget was disappointing.
After the October Budget non-event we were looking forward to a more pro-active and interesting May 2023 Federal Budget.
Just as is the case with many movie sequels, the May 2023 Budget was disappointing.
The Government obviously wanted to test reaction to various measures by leaking the measures in advance to gauge what the community reaction would be. Despite the Treasurer talking down the economy at every opportunity since taking the reins, the Budget should be in surplus this time next year. This should not come as a shock given that we essentially have full employment (i.e. the number of available jobs compared to the number of unemployed is now 1:1), commodity prices for the best part of the 2022 financial year were at record highs and the tax payable on these profits has now been paid.