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

Ā 

LOSERS

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

Ā 

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

Ā 

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

Ā 

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

Ā 

BUSINESS

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

Ā 

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

Ā 

WOMEN

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

Ā 

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

Ā 

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

Ā 

INFRASTRUCTURE

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

Ā 

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

Ā 

WELFARE

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

Ā 

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

Ā 

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

Ā 

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

Ā 

DISABILITY

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

Ā 

Paul Osborne
(Australian Associated Press)

0

Like This