2022/23 Budget Commentary
There is nothing in the 2022-23 Federal Budget 2.0 that will create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives.
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck, not a new set of cards.
Find out all of the finer details in this comprehensive 2022/23 Budget Commentary.
About the author
Marius Fourie - Director & Business Advisor
As Director and Business Advisor, Marius uses his accounting expertise and empathetic skills to work directly with business owners and help them feel at ease with their finances.
Marius saw a common need in clients that just wasn’t being met by accounting providers.
That need was for clear, open communication and streamlined accounting services that didn’t come padded out with any unnecessary features.
Business owners just don’t have time to compare different accounting firms to see which one has the best packages with the best inclusions (many of which they would pay for but never use).
Key Takeaways
The 2022–23 Budget Was More Incremental Than Transformative
Rather than introducing large new policies, the Budget largely reallocated and reinforced existing initiatives.
Focus Was on Stability and Continuity
Given economic uncertainty and the proximity to an election, the Government prioritised predictable fiscal settings over bold changes.
Major Personal Tax Cuts Remained Untouched
The legislated stage 3 tax cuts scheduled for 2024–25 remained unchanged and were not revisited in this Budget update.
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Frequently Asked Questions
What was the focus of the 2022–23 Federal Budget?
The 2022–23 Budget was largely about maintaining economic stability rather than introducing radical reforms, acting more as a “reshuffle of the deck” than a brand-new set of policies.
Were there major tax changes in the 2022–23 Budget?
There were some tax-related measures included in the broader budget — such as incentives and offsets — but nothing that fundamentally overhauled the tax system.
Did the stage 3 tax cuts change in the 2022–23 Budget?
No. The commentary notes that the legislated stage 3 personal tax cuts due to commence in July 2024 were not addressed in this Budget update.
How did the Budget handle cost-of-living concerns?
The 2022–23 Budget included measures such as low- and middle-income tax offsets and targeted payments to support households amid elevated costs, although these were modest and often temporary.
Why did the Government frame this Budget as cautious or incremental?
With an election approaching and the economy recovering from pandemic pressures, the Budget was framed to support growth and stability without radical shifts, delivering predictable support rather than sweeping structural reforms.
What does North Advisory say are the key points from the 2022/23 Federal Budget (Budget 2.0)?
North Advisory explains the 2022–23 Federal Budget (Budget 2.0) was more of a reshuffle of existing initiatives rather than major new reform, and that it was unlikely to create major economic instability. They also note the Stage 3 tax cuts (planned from 1 July 2024) were not mentioned, and many funding measures appeared to be reallocated from previous government initiatives, making this budget more about adjustment than overhaul.
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