Grant Thornton Australia

In October 2022, the Labor Government delivered its interim Budget. Since then, we’ve seen interest rates and cost of living increase, with many Australian businesses and individuals feeling the pinch. In the lead up to the May Budget, we’ve seen changes to superannuation, and speculation of changes to Capital Gains Tax, as well as an increased focus on multinational tax transparency. So how did the Federal Government allocate budgetary spending this year, and is it enough to alleviate pressure on business and bypass a recession?