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2022-23 Federal Budget update

News | Date Posted: 4 April 2022

On 29 March 2022, the Government announced its 2022-23 budget, with a major focus on easing the cost of living for Australians. Unlike previous years, this year’s budget included no major changes to superannuation. However, for Pension members, the Government announced it would extend the 50% reduction of the minimum drawdown rates for another year, until June 2023. The Government also confirmed the increase in the amount of voluntary super contributions that can be released as part of the First Home Super Saver Scheme. From 1 July 2022, the maximum amount will increase from $30,000 to $50,000.

Other key budget measures

Some of the key budget measures impacting individuals include:

  • A one-off $420 cost of living tax offset for low- and middle-income earners.
  • A one-off, tax-exempt payment of $250 to eligible pensioners, welfare recipients, veterans and eligible concession card holders, paid automatically in April 2022.
  • A temporary fuel excise relief from 44.2 cents per litre to 22.1 centre per litre for the coming six months – with the Government strongly encouraging the fuel industry to pass this saving on in full to consumers.
  • More affordable childcare and the introduction of a single Paid Parental Leave scheme (which integrates the existing Paid Parental Leave scheme with the Dad and Partner Pay).

Other major measures include:

  • Major spending on infrastructure and defence.
  • Initiatives to address Australia’s skills shortage.
  • Funding for health, aged care, education and disability support, and more access to cheaper medicines with a reduction of the Pharmaceutical Benefits Scheme thresholds.

Please note, most of these measures are not yet law and will need to be legislated.

For more information about the full range of budget announcements, see the Budget 2022-23 website.

 

Here to help

As always, if you have any questions, please call us on 13 64 63, Monday to Friday, 8am to 6pm, email help@mine.com.au or contact your financial adviser. You can also request an appointment with Mine Super Financial Advice to discuss your personal circumstances.