Australia: 2023 federal budget released

A summary and analysis of budget announcements and its implications for various sectors and businesses

2023 federal budget released on 9 May 2023

Australia’s 2023 federal budget was released today, 9 May 2023.

The KPMG member firm in Australia has summarized and analyzed the budget announcements and its implications for various sectors and businesses. In particular, the budget is evaluated in the context of the following topics:

  • Individuals
  • Business tax
  • Mid-market tax
  • Business support
  • Financial services and superannuation
  • Skills and workforce
  • Climate and energy
  • Transport and Infrastructure
  • Social housing and real estate
  • Health and aged care
  • Human services
  • Defense
  • National security and cyber

There are a few new revenue-raising measures that were not already included in the 2022-23 October Budget. The most noteworthy of the new measures are the changes to the petroleum resource rent tax and the increase to tobacco excise.

Read a May 2023 report prepared by the KPMG member firm in Australia, including a comprehensive analysis [PDF 2 MB]

Following the release of the federal budget, the Australian Taxation Office (ATO) released a series of updates that outlines the planned changes in tax laws and treatments:

Read another May 2023 report [PDF 726 KB] prepared by the KPMG member firm in Australia focused on the taxation of individual superannuation balances


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