Key areas of savings and cuts in 2023 federal budget

10 May Key areas of savings and cuts in 2023 federal budget

KEY SAVINGS AND CUTS IN THE FEDERAL BUDGET

* Reducing debt to save $83 billion in interest over 10 years

* $3.8 billion over five years from GST compliance crackdown

* $3 billion over five years in tobacco tax

* $2.4 billion from changes to petroleum resource rent tax

* $2.1 billion saving from seniors living longer at home rather than going into aged care

* $1 billion from a rise in the heavy vehicle road user charge

* Lower tax breaks available to people with superannuation balances over $3 million ($900 million over five years)

TOP REVENUE MEASURES IN 2023/24

* Individuals income tax $325.9 billion

* Company and resource rent taxes $133.9 billion

* Sales taxes $91.1 billion

* Non-tax revenue $50.6 billion

* Fuel excise $25.2 billion

* Superannuation taxes $16.6 billion

Paul Osborne
(Australian Associated Press)