By Paul Osborne in Canberra

THE 2023/24 budget, the second for the Albanese Labor government, delivers on election promises while taking steps to deal with global economic headwinds.

Here’s a summary of the 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 million 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

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