Your Federal Budget summary

Your Federal Budget summary

Your Federal Budget summary

The Federal Budget at a glance

Budget deficit of $13.9 billion in 2023/24
Commonwealth net debt to rise to $574.9 billion (22.3 per cent of GDP) in 2023/24
Economic growth to fall to 1.5 per cent in 2023/24
Unemployment rate to rise to 4.25 per cent in 2023/24
Inflation as measured by CPI to be 3.25 per cent in 2023/24
Wages to rise by four per cent in 2023/24

KEY MEASURES

Energy bill relief for five million households and one million businesses
Triple bulk-billing incentives and more funding for urgent care clinics
Base rate of JobSeeker and other payments to be raised for 1.1 million households
Commonwealth Rent Assistant rise for 1.1 million households
Housing boost including tax breaks for build-to-rent investors
$4 billion extra for renewable energy
Tax breaks for small business to write-off assets and reduce energy costs
Targeted help for jobless aged over 55
Cut to cost of medicines

WINNERS

Welfare recipients – Extra $40 a fortnight
Aged care workers – 15 per cent pay rise
Clean energy sector – Incentives for households and businesses
Renters – 15 per cent lift in Commonwealth Rent Assistance
Patients – More bulk-billing and after-hours care

 

LOSERS

Smokers – Five per cent hike in tax every year for three years
Multinationals – 15 per cent global minimum tax
Wealthy retirees – Higher tax for balances over $3 million
Offshore gas producers – Extra revenue from Petroleum Resource Rent Tax

 

ECONOMY

Budget surplus of $4.2 billion in 2022/23
Deficits of $13.9 billion in 2023/24, $35.1 billion in 2024/25, $36.6 billion in 2025/26 and $28.5 billion in 2026/27
Commonwealth net debt rising to $574.9 billion (22.3 per cent of GDP) in 2023/24 before hitting $702.9 billion (24.1 per cent of GDP) in 2026/27
Economic growth to fall to 1.5 per cent in 2023/24, before rising to 2.75 per cent in 2025/26
Unemployment rate of 4.25 per cent in 2023/24, rising to 4.5 per cent in 2024/25 and 2025/26 then easing to 4.25 per cent in 2026/27
Inflation as measured by CPI to be 3.25 per cent in 2023/24
Wages to rise by four per cent in 2023/24

 

COST OF LIVING

Energy bill relief of up to $500 for five million households and up to $650 for one million small businesses
170,000 households save on energy bills by financing energy saving home upgrades
Reducing out-of-pocket health costs by tripling bulk billing incentives
Cutting the cost of medicine by up to half for at least six million people
Supporting 57,000 single parents by expanding eligibility for Parenting Payment (Single)
Increasing the base rate for JobSeeker and other payments by $40 a fortnight for 1.1 million people
Increasing Commonwealth Rent Assistance for 1.1 million households

 

HEALTH

$106.5 billion in total funding for 2023/24
$5.7 billion over five years to strengthen Medicare
15 per cent pay rise on award wages for aged care workers
More bulk billing urgent care clinics
Digital health system upgrade
New Centre for Disease Control

 

BUSINESS

Tax break to reduce energy costs
$20,000 instant asset write-off
$432 million over four years for SME support including commercialising ideas

 

HOUSING

Tax breaks to ensure more investment in build-to-rent projects
$7.5 billion in National Housing Finance and Investment Corporation (up $2 billion)
Expanding eligibility criteria of the Home Guarantee Scheme
$410.4 million for Indigenous housing

 

WOMEN

Cheaper child care for 1.2 million families
More flexible paid parental leave scheme
Extra $589.3 million for women’s safety
Targets for women apprentices on government projects

 

REGIONS

Extra $79.5 million support for regional pharmacies
$400 million for regional clean energy industries
$1 billion extra for pest and disease controls
$200 million for disaster support such as levee upgrades and bushfire reduction projects

 

DEFENCE

$42.8 billion total budget in 2023/24
Nuclear-powered submarines to support 20,000 jobs over three decades
$64.1 million to clear up veteran support claims backlog
Spending as proportion of GDP to hit 2.3 per cent in 2032

 

INFRASTRUCTURE

Review of $120 billion pipeline of major projects
$3.4 billion over 10 years for Brisbane Olympic and Paralympic Games venues

 

EDUCATION

$48.3 billion in total for 2023/24
$72.4 million for skilling early childhood workers
Talks under way on five year National Skills Agreement from 2024
Universities Accord report due in December
20,000 extra university places in 2023 and 2024

 

WELFARE

$250.3 billion in total for 2023/24
$4.9 billion over five years for extra JobSeeker support

 

AGED CARE

Pay rise of 15 per cent for sector workers
Extra work hours for international students in the sector
$166.8 million for an additional 9500 home care packages
Funding for better regulation to lift care standards
$487 million for disability support program for older Australians

 

INDIGENOUS

$194 million for dedicated Indigenous action plan to end family violence
$150.5 million for Indigenous education programs
$561.6 million for health programs including cancer and anti-smoking
$364.6 to fund the Indigenous voice referendum

 

ENVIRONMENT

Set up Environment Protection Australia and Environment Information Australia agencies
$741.3 million over five years for natural heritage projects
$355.1 million over four years for national parks and marine reserves

 

DISABILITY

$732.9 million to improve systems and fight fraud
Annual growth target on spending of no more than eight per cent

 

Paul Osborne
(Australian Associated Press)



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