No winners from Budget says Tax Institute

Mike Taylor

Managing Editor/Publisher, Financial Newswire

25 October 2022

The Federal Budget has received a cool reception from the Tax Institute which has bemoaned the lack of meaningful tax reform. 

Indeed, the institute said there were no winners from the Budget in circumstances where the tax system remained broken. 

“Labor’s updated Federal Budget 2022-23 was delivered as expected – laying out the Government’s position on economic policy – but there are no winners while our tax system remains broken and unfair, the Tax Institute’s General Manager of Tax Policy and Advocacy, Scott Treatt said. 

“As expected, this Budget sets out Labor’s position on the current economic health of Australia and gives us an idea of their approach and attitude towards fiscal policy. It’s likely that the next Budget in May is where we will see more significant change,” he said. 

“There are no winners and losers from tonight’s Budget. In fact, all Australians are losing, and will continue to lose until there is a commitment to a better, fairer tax and transfer system.” 

 Treatt said a small handful of announced but unenacted tax measures were addressed in the Budget, providing clarity to the tax profession and their clients but this left  many key tax measures needing further and deeper attention, which is only possible with adequate funding for the organisations charged with designing and upholding tax law.  

“While the funding announced in tonight’s Budget is temporary, permanent and reliable funding is needed to allow for stable administration of our tax system and to improve our tax laws,” he said.