Treasurer Jim Chalmers has unveiled a “responsible and restrained” budget, he claims, one that “eases the cost of living pressures and invests in a future made in Australia”. Oh, and did we mention there’s another surplus? Chalmers definitely did — over and over again — when taking questions from reporters during the lock-up.
Here’s this year’s budget at a glance.
Surplus forecast in 2023-24: $9.3 billion
Deficit forecast for 2024-25: $28.3 billion
Unemployment forecast in 2023-24: 4%
Unemployment forecast in 2024-25: 4.5%
Inflation forecast in 2023-24: 3.5%
Inflation forecast in 2024-25: 2.75%
Wage price index in 2023-24: 4%
Wage price index in 2024-25: 3.25%
Net debt forecast in 2023-24: $499 billion
Net debt forecast in 2024-25: $552.5 billion
Spending forecast in 2023-24: $25.4 billion
Spending forecast in 2024-25: $26.4 billion
Percentage of taxpayers getting a bigger tax cut than they otherwise would have: 84%
Energy rebates for each household: $300
Student debt cut: $3 billion, for 3 million people
Money invested in the Future Made in Australia strategy: $22.7 billion
New money added to Defence budget over the next decade: $50.3 billion
Overall defence funding over the decade: $765 billion
Increase to Commonwealth Rent Assistance over five years: $1.9 billion
New investment in housing: $6.2 billion
Funding for mental health and suicide prevention: $888.1 million over eight years
Money for superannuation payments on paid parental leave: $1.1 billion over five years
Funds for development assistance in the Pacific region: $2 billion
Funding for COVID-19 vaccines and testing: $825.7 million
Funding for aged care reforms and implementing royal commission recommendations: $2.2 billion
