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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)