Federal Budget 2023 Snapshot | Wilson & Assoc Chartered Accountants

Federal Budget 2023-24 Snapshot

• Surplus of $4.2 billion for current financial year
•. Deficit of $13.9 billion expected in 2023-24
•. From 1 July 2026, employers will be required to pay superannuation on payday, rather than quarterly

Federal Budget 2023 Breakdown | Wilson & Assoc Chartered Accountants

Federal Budget 2023 Breakdown

High commodity prices and a strong labour market have delivered stronger revenues and enabled the Federal Government to post the first budget surplus in 15 years while also funding key programs and cost-of-living relief.

Federal Treasurer Dr Jim Chalmers forecasts a surplus of $4.2 billion – or 0.2 per cent of GDP – in 2022-23, an improvement of $41.1 billion on last year’s October budget.