For the second time in 2022, the government of the day has delivered a Federal Budget. Last night’s Budget was the first delivered by the new Labor government that was elected in May 2022.

Given the present state of the economy post-COVID, a worsening economic position due to inflation and increased global instability, rising interest rates and cost of living pressures, the Budget was conservative by nature. There were no big surprises.

While the Budget did not contain any single “hero” initiatives, it was wide ranging and introduced a variety of measures. Apart from addressing cost of living pressures, it could also be described as a “green” budget with several environmental initiatives being featured.

It goes without saying the measures announced in the Budget are not a fait accompli. They are subject to the successful passage of relevant legislation.