With a federal election less than 6 months away, the Australian government has held back from announcing new measures in the 2021-22 mid-year economic and fiscal outlook (MYEFO) statement.
Somewhat in keeping with the festive season, the largest item in the table of new MYEFO decisions is an intriguing 'mystery box' of a net $15 billion in spending measures over the forward estimates attributable to “decisions taken but not yet announced”.
The expectation is that we will have to wait until 2022, closer to the election, for the contents of this package to be revealed. The 2022-23 federal budget is scheduled for 29 March 2022 and a federal election must occur before the end of May 2022.
Scope for this proposed spending has been supported by some improvement in the federal finances since the 2021-22 Budget, despite the restrictions that affected the activities of many of the population during the last 6 months.
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Read KPMG’s analysis of the mid-year economic and fiscal outlook 2021-22 announcement and the major implications for business.