Policy Alert 21: The 2023 Federal Budget

The Albanese Labor Government released Federal Budget on Tuesday 9th May. We have reviewed the budget and prepared this policy alert for older Australians. The Budget included measures for the Cost of Living, Women, Health, Digital and Retirement Incomes that older people should be aware of. It included a range of measure designed to address cost of living pressures which are particularly relevant to those on fixed incomes and older women who are disproportionally impacted by unemployment.

While there is more to be done to lift people out of poverty the Budget has recognised the cost of living pressures people are facing and has taken action to provide relief.

We see an effort to balance supporting people who are most vulnerable and in need of support with a broader agenda to balance the budget and minimise pressure on inflation.

The Government also flagged that in some areas – such as employment – there was more to do. A White Paper on Employment will be released later this year and we look forward to its recommendations on improving the participation and prospects for older workers.