2023 Federal Budget Factsheet

What’s in the factsheet?

It’s no question that small and medium-sized businesses have felt the full force of the last three years. A succession of natural disasters, a looming recession, and pandemic have wreaked havoc on business leaders and their teams.

But now, the world’s in a very different place – and it’s presenting a whole new suite of challenges. Rising interest rates, record low unemployment and rocketing cost of living pressures are driving up overheads and making it harder for businesses to operate and grow.

With so many factors contributing to the current economic environment, one thing is on every business leader’s mind – what does the future look like?

On Tuesday, 9 May, Treasurer Jim Chalmers handed down Labor’s Federal Budget. Designed to target cost-of-living relief, broaden opportunities, and lay foundations for growth. Their goal is to tackle immediate, near term challenges, while investing in long term national success.

So, what does the recent Federal Budget mean for your business? If you’re looking for an easy-to-understand, quick-read version of the Australian Federal Budget relating to employers and employees, this is it.

Disclaimer: The information in this report is relevant as at 10 May 2023 and has been prepared by Employment Hero Pty Ltd ABN (11 160 047 709) (Employment Hero). The views expressed herein are general information only and are provided in good faith to assist employers and their employees. The Information is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified and no warranties are given that it is complete, accurate, up to date or fit for the purpose for which it is required. Employment Hero does not accept responsibility for any inaccuracy in such data. To the maximum extent permitted by law, Employment Hero will not be liable to any party in contract, tort (including for negligence) or otherwise for any loss or damage arising either directly or indirectly as a result of reliance on, use of or inability to use any information provided in this report. Where liability cannot be excluded by law then, to the extent permissible by law, liability is limited to the resupply of the information or the reasonable cost of having the information re-supplied.You can find a full overview of the 2023/24 Australian federal budget here.