Federal Budget 2022


The government recently announced it's 2022-23 Federal Budget.

The focus of the Budget was largely on supporting low and middle income earners, social security recipients and those looking to buy a home, and is unlikely to significantly impact pre and/or post retirement planning.

The key measures announced were

  • The 50% reduction in the minimum drawdown for super pensions will be extended to 2022/23
  • This year's Low and Middle Income Tax Offset will increase by $420
  • Age pensioners and other social security recipients, Commonwealth Seniors Health Card and Pensioner Concession Card Holders will receive a $250 payment in April 2022
  • The fuel excise will drop by 22.1 cents a litre for 6 months
  • Expanding the Home Guarantee Scheme

 Please click here for a more detailed summary of the Federal Budget.