SUMMARY OF 2023/24 FEDERAL BUDGET
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)
