Securing Australia's future Treasurer Josh Frydenberg has handed down the 2022-23 federal budget. Find out Mercer’s perspective on what this means for Australia across investments, superannuation and retirement, aged care, employment and health.
The 2022/23 Federal Budget measures continue to provide support for economic growth and full employment. This year’s Budget also remains friendly for households as the Government prepares for the upcoming election, with election sweeteners such as cost of living handouts and a halving of petrol and diesel fuel excise for six months.
For small business, the main initiatives include rebates for increasing digital adoption and training for staff development. The Government has also allocated additional funding to support growth in apprenticeships in crucial industries and pledged further spending to enhance modern manufacturing. Infrastructure spending was a big winner with the Government committing to enhance regional connectively in key growth hubs and to further develop regional infrastructure.
There are measures aimed at helping to grow and upskill the workforce within the aged care sector and more broadly, but we are concerned these measures do not go far enough and do not address the fundamental problem of a workforce shortage.
Superannuation was largely untouched for the first time in many years, with the Government seeking to position itself pre-election as the party that won’t make any adverse changes to super. The opportunity was not taken to do more to address the gender super gap.
Superannuation and retirement changes
Personal tax/cost of living measures
Aged care initiatives
To learn how Mercer can assist your organisation with the outcomes from the 2022 Federal Budget speak with a specialist Mercer consultant today.
This content is intended to inform clients of Mercer’s views on particular issues. It is not intended to be provided to any person as a retail client and should not be relied upon or used as a substitute for professional advice specific to a client’s individual circumstances. Whilst Mercer believes the prospective information and forward looking statements made by Mercer in this report are based on reasonable grounds, they are predictive in character and may therefore be affected by inaccurate assumptions or by known or unknown risks and uncertainties. This content has been prepared by Mercer Consulting (Australia) Pty Ltd (MCAPL) ABN 55 153 168 140, Australian Financial Services Licence #411770. Any advice contained in this content is of a general nature only and does not take into account the personal needs and circumstances of any particular individual. Prior to acting on any information contained in this content you need to take into account your own financial circumstances, consider the Product Disclosure Statement for any product you are considering and seek advice from a licensed, or appropriately authorised financial adviser if you are unsure of what action to take. ‘MERCER’ is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917.
Copyright 2022 Mercer LLC. All rights reserved.
To learn how Mercer can assist your organisation with the outcomes from the Australian Federal Budget please complete your details below