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Budget snapshot: Key takeaways from the Federal Budget

Budget snapshot: Key takeaways from the Federal Budget

Millions of Australians are set to take home more of their pay packets after Labor’s decision to leave stage three tax cuts untouched in last night’s federal budget.

Specialised tax advisor at Pitcher Partners, Stuart Dall, says the budget was “pretty cautious”.

“They’re expecting inflation is going to peak into next year at 7.75 per cent and then treasury forecasts it’s going to come down the year after,” he told Ross and Russel.

But it’s not all bad news.

“The deficit for the current year was only $36.9 billion and that was a fair bit than had been expected and that was courtesy of the booming commodity prices which had actually increased the government’s revenue by about $142 billion,” Mr Dall said.

Press PLAY below to hear the key takeaways Stuart took from the Federal Budget in his conversation with 3AW’s Ross and Russel. You can also access our Federal Budget content here

This article was first published by 3AW on 26 October 2022. Licensed by the Copyright Agency. You must not copy this work without permission.
This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

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