Mini-Budget 2023

Highlights of Mini Budget 2023

1. Brightline test for residential property back to two years, effective from 01 July 2024.
2. Fully restoring interest deductibility for rental properties, with details of the phasing of this commitment to be the subject on an announcement in the New Year.
3. The Government is progressing work to deliver meaningful income tax reduction in next year’s Budget.  This includes considering design and implementation advice for the delivery of our proposed Family Boost childcare tax rebate, and for delivering income relief to workers and their families
4. Decision to index main benefits to CPI inflation from 1 April 2024. This will protect the real incomes of benefit recipients while putting the benefit system on a more sustainable footing.