Forecasts for the unemployment rate have been slashed in the federal budget to levels not seen since the early 1970s. Treasurer Josh Frydenberg will hand down his fourth budget on Tuesday predicting an unemployment rate falling to 3.75 per cent later this year, the lowest level...
The states are set to share in $166.4 billion from the federal government over the next financial year. The budget papers released on Tuesday reveal the Morrison government will permanently boost the size of the GST pool to be distributed among the states each year. The injection...
Josh Frydenberg has tried to soothe concerns that spending in his fourth budget will inflame already heated inflation and bring forward an interest rate rise earlier than would otherwise be the case. While the treasurer’s pre-election budget cut deficits by about $100 billion out to 2025/26,...
A winning streak not seen in 15 months has the ASX200 in striking distance of record levels. Australian shares on Wednesday closed higher for a seventh consecutive day after the federal budget and peace talks in Ukraine helped investor sentiment. Technology shares continued their return to favour...
Small businesses are getting more than $1.5 billion in tax breaks for going digital and training workers, but some say the budget misses the mark on big challenges facing the economy. “Small and family businesses are at the heart of our economy and local communities –...
Treasurer Josh Frydenberg has unveiled a pre-election budget spliced with billions of dollars worth of tax offsets, cash payments and fuel excise relief. A one-off tax break of $420 will go to more than 10 million Australians earning up to $126,000 a year. Their total tax relief...
More gas, low-emission technologies and critical minerals will power Australia’s economic growth and energy future, according to a budget blueprint. Some 140 categories of low-emissions technologies will get access to new tax concessions under expanded “patent box” arrangements set out in the 2022/23 federal budget on...
THE FEDERAL BUDGET AT A GLANCE KEY FORECASTS * Budget deficit of $78 billion in 2022/23 * Commonwealth net debt to rise to $714.9 billion (31.1 per cent of GDP) in 2022/23 * Economic growth to rise by 3.5 per cent in 2022/23 * Unemployment rate of 3.75 per cent...
FEDERAL BUDGET FORECASTS The federal government’s budget black hole will persist for the foreseeable future, but there will be notable improvements from the new financial year. By the end of 2025/26 the budget will be $103.6 billion better off, compared to the most recent estimates. This assumes the...
RELIEF AT THE BOWSER The fuel excise will be slashed by 50 per cent for six months to ease cost of living pressures for motorists. From Wednesday, the 44.2 cents per litre fuel tax will drop to 22.1 cents, with the savings expected to flow to bowsers...