The October 2022 budget focused on providing support for those with children, homebuyers and social security recipients. The announcements aim to assist in easing the cost of living over the coming years, addressing the slowing economy, whilst maintaining pre-election commitments

The key measures announced were

• Reducing the eligibility age for downsizer contributions from 60 to 55
• Increasing Commonwealth Seniors Health Card income thresholds
• Allowing pension age social security recipients to earn more more from employment before their payment is impacted
• More generous eligibility rules for Child Care Subsidy and Parental Leave Pay
• More favourable Centrelink assessment of home sale proceeds
• Continued support for homebuyers
• No change to the previously announced tax cuts that will come into effect from 1 July 2024

For a more detailed summary of the budget clik the link below