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Federal Budget 2022-23 Overview

On Tuesday 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget, the third budget in the COVID-19 pandemic era. This budget delivered a range of initiatives to help
ease the cost of living for individuals and families, with a “cost of living” tax offset and a temporary relief on fuel excise to lower prices at the pump.

While there have been some investments to benefit business through skills, digital and red tape reduction, this budget reflected no strong long-term agenda for business. Industries such as tourism and manufacturing received some targeted support, as well as measures to support export trade.

The missed opportunity however is immediate relief for SMEs from the increasing operational, labour costs pressures, as well as housing supply and affordability issues.

In summary the budget focuses on addressing some of the Queensland priorities and pillars for businesses, now is the time for the state government budget in June to further accelerate these
initiatives for the benefits of Qld SMEs and regional Queensland.

See CCIQ’s media release in response to the Federal Budget 2022-23 here.

See full overview here.