What the 2022 Federal Budget Means for You

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The Treasurer, Dr Jim Chalmers, handed down his first Federal Budget (an updated budget for the 2022/23 financial year) on 25 October 2025.

There was virtually no tax or superannuation changes.

The bad news is with interest rates rising, high inflation and labour costs rising, people looking for assistance from the Government will be very disappointed by this interim Budget.

Based on our analysis, the big winners appear to be:

  • Families – Childcare subsidies extended, increased benefits with the Paid Parental Leave scheme
  • Pensioners – Deeming rates are frozen at current rates until 30 June 2024, new measures to incentivise pensioners to downsize their homes, and income levels lifted significantly for eligibility for the Commonwealth Seniors Health Card
  • Retirees – Downsizer superannuation contribution eligibility age is reduced from 60 to 55 years, starting from first quarter after this legislation is passed. This allows each eligible person to contribute up to $300,000 into their super at a much earlier age, benefiting from super’s low tax rates.


This wasn’t the usual Federal Budget held in May where tax and superannuation and other changes that affect business owners are announced.

Instead, it was a Budget to wind back what the previous Government said they would do and to “fix” things and put in place new policies from the new Government.

Based on the negative economic expectations discussed by the Government after releasing their Budget, it appears highly likely that significant tax increases will occur in the 2023 or future Budgets.

Additionally, the ATO is clamping down further and ramping up its audit activity in an attempt to raise tax revenue to support the new Government’s spending.

People need to start planning for this now.

Note: The material & contents provided are informative in nature only. It is not intended to be advice & you should not act spefically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.