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)
