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)