Key areas of savings and cuts in 2023 federal budget

Key areas of savings and cuts in 2023 federal budget

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)



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