Summary of the 2023/24 federal budget

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

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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

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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

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BUSINESS

* Tax break to reduce energy costs

* $20,000 instant asset write-off

* $432 million over four years for SME support including commercialising ideas

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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

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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

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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

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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

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INFRASTRUCTURE

* Review of $120 billion pipeline of major projects

* $3.4 billion over 10 years for Brisbane Olympic and Paralympic Games venues

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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

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WELFARE

* $250.3 billion in total for 2023/24

* $4.9 billion over five years for extra JobSeeker support

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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

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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

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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

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DISABILITY

* $732.9 million to improve systems and fight fraud

* Annual growth target on spending of no more than eight per cent