The Federal Budget 2022-23 has been handed down by Treasurer Jim Chalmers among challenging economic conditions. An underlying cash deficit of $36.9 billion is expected for 2022-23 while the economy is expected to grow by 3.25% in 2022-23 and slow to 1.5% for 2023-24. Against this backdrop, the Treasurer has sought to exercise fiscal “restraint” so as not to put more pressure on prices, rather, the Budget sets out a 5-point plan for cost-of-living relief in the areas of child care, expanding paid parental leave, medicines, housing, and getting wages moving.
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