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 and Losers
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
Paul Osborne
(Australian Associated Press)
