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In the lead up to a Federal Election and in the face of surging prices of goods and services, the overarching theme of this year’s Federal Budget is about combating the rising ‘cost of living’ pressures faced by households and businesses. For residential property, this means addressing housing and rental affordability.
For commercial real estate, it means easing supply chain bottlenecks and reducing business costs.
The 2022/23 Federal Budget seeks to achieve the government’s goal by reducing the fuel excise, increasing the Low and Middle-Income Tax Offset and providing a one-off payment to pensioners, welfare recipients and concession cardholders. It also looks to support businesses by offering subsidies, incentives, and tax deductions to hire new apprentices, train existing staff and invest in new technology.