After a nine year absence, a Labor Treasurer has once again delivered a Federal Budget, with Dr. Jim Chalmers producing in his first budget a document that reflects the times; one that is aiming to be, in his words, ‘solid, sensible and suited to the conditions’.
And the conditions are indeed muddied by a multitude of uncertainties, from the impact of the ongoing conflict in Ukraine on global energy prices to domestic considerations, with inflation (as measured by the Consumer Price Index) not forecast to fall back within the Reserve Bank of Australia’s target range of 2% to 3% per annum until 2024-25.
Amidst these tensions the Treasurer has shaped a budget with an emphasis on fiscal restraint, while still delivering on key commitments taken to the federal election.
The following are the key announcements contained within the Budget papers that affect superannuation and retirees.
SUPERANNUATION ANNOUNCEMENTS
Continuation of reduced minimum pension drawdown rates
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