2008 Federal Budget

The 2008 Federal Budget, handed down on the evening of 13 May 2008, has provided the newly elected Federal Labor Government with its first major opportunity to present its economic credentials to the Australian public.

The Federal Government has been mindful of the need to deliver on its election promises, particularly to that part of the electorate which it repeatedly calls “working families”. However, with inflation trending upwards, a tight credit market and weakening business and consumer confidence, Treasurer Wayne Swan has had to balance beneficence with financial rectitude, with a range of Federal Government benefits and tax breaks to be means-tested.

The Budget also heralds yet another tax reform review which includes clarification on the status of some unfinished tax business from the previous Coalition Government.

PwC's Tax and Legal team have been working overnight to deliver an incisive analysis of the tax and financial implications of this year's Federal Budget.