At 7:30pm on Tuesday 9 May 2023, the Treasurer, Jim Chalmers, released the Government's 2023-24 Budget. The Budget represents the Government’s plan for delivering targeted cost-of-living relief, investment in Government services and alleviating inflationary pressures. The Government has forecast a small Budget surplus in 2022-23, followed by a deficit in 2023-24 with lower future deficits forecast across the forward years compared to recent Budgets. The Government expects inflation to fall from 6% this year to 3.25% next year before returning to the RBA’s target band in 2024–25.

The Budget features a number of measures that will impact your advice for both pre and post retiree clients, including aged care clients, and these measures are the focus of this analysis.

It is important to note that at this time these proposed measures are not yet law and could change through implementation