federal budget 2022-23

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With an election imminent, this year’s Federal Budget contained a range of funding announcements but no major changes in relation to super. The Budget confirmed the government’s ongoing commitment to the 12% Superannuation Guarantee, which is an important measure to help our members continue to build their retirement savings.

Our budget fact sheet gives you a snapshot of the changes, including:  
 

  • the extension of the temporary reduction in income stream drawdown rates 
     
  • measures to ease cost of living pressures including a one-off $420 cost of living tax offset for low and middle income earners and a separate one-off $250 cost of living payment to be made to most social security recipients
     
  • $1.3 billion to be spent on support services for women
     
  • expanded paid parental leave integrating the Dad and Partner Pay schemes enabling families to choose who will stay home with baby

  • measures targeting aged care workers.


 

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