Budget snapshot: Key takeaways from the federal budget

Millions of Australians are set to take home more of their pay packets after Labor’s decision to leave stage three tax cuts untouched in last night’s federal budget.

Specialised tax advisor at Pitcher Partners, Stuart Dall, says the budget was “pretty cautious”.

“They’re expecting inflation is going to peak into next year at 7.75 per cent and then treasury forecasts it’s going to come down the year after,” he told Ross and Russel.

But it’s not all bad news.

“The deficit for the current year was only $36.9 billion and that was a fair bit than had been expected and that was courtesy of the booming commodity prices which had actually increased the government’s revenue by about $142 billion,” Mr Dall said.

Press PLAY below to hear the key takeaways Mr Dall took from the federal budget