The second Federal Budget of the Albanese Government attempts to start the process of budget repair, after the COVID-induced years of burgeoning deficits, while providing relief to households squeezed by rising cost of living pressures.
The centrepiece of the Budget is a $14.6 billion package, delivered over the next five years, to provide some cost-of-living relief, anchored by a one-off energy relief payment of up to $500 for eligible households for 2023-24.
There were few surprises in measures relating to superannuation, with confirmation that the ‘Better Targeted Superannuation Concessions’ announcement made earlier this year will be introduced into Parliament. Under this proposal, those with super balances of $3 million or more will have some portion of the earnings in excess of that amount each year taxed at a rate of 30%.
The key Budget announcements that affect superannuation and retirees are covered in the following article.
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