Federal budget 2023/24 at a glance: Who are the winners and losers?

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


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



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)


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