Amid the cost-of-living crunch and global uncertainty, Treasurer Jim Chalmers has handed down his second Budget. A Budget surplus of $4.2bn is forecast in 2022-23, but an underlying cash deficit of $13.9bn is expected in 2023-24 and a $35.1bn deficit for 2024-25. In addition to the cost-of-living and welfare measures such as energy bill relief which is expected to reduce power bills by up to $500 for five million households, the government also released new measures relating to businesses. These include temporarily increasing the instant asset write-off threshold for the 2023-24 income year.
Click to read our article: Budget 2023 What’s in it for small business and households (1.30 MB PDF)