Treasurer Josh Frydenberg recently delivered the 2022-23 Federal Budget. This was earlier than usual, as a federal election is due to be called within days of this blog being written. With this in mind, the focus of the budget was on short-term incentives for individuals and businesses and easing the increasing cost of living pressures.
There was other welcomed healthcare funding announced in the budget which goes towards supporting our community pharmacy family, which continues to feel the effects of COVID-19. Some wins include additional funding of the NDIS, mental health, reduction of the PBS safety net thresholds, women’s health initiatives and improving medication management services for the elderly.
Economic Overview
The 2022-23 Federal Budget deficit is estimated to be $78 billion, falling to $43.1 billion in 2025-26.
Unemployment rate forecast to reach 3.75% in the September 2022 quarter, the lowest rate in close to 50 years.
Net debt predicted to increase to $865 billion by June 2026.
GDP growth forecast of 3.5% for 2022-23.
