Treasurer Jim Chalmers has delivered this year's federal budget, with a $14.6 billion cost-of-living relief package.
Look back on Tuesday's updates.
Key events
Live updates
Look back on the Treasurer's budget speech
By Bridget Judd
Stay up to date with the latest news and analysis
By Bridget Judd
This is where we'll have to leave our live coverage for this evening, but thanks for following along!
There was a bit going on, so if you missed the big announcements out of this year's budget, let's get you up to speed:
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There will be $14.6 billion of cost-of-living relief, including help with power bills, reduced health costs and creating more affordable housing
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The government is allocating $11.3 billion to provide aged care workers with an interim increase of 15 per cent to award wages
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An extra $40 per fortnight will be delivered for JobSeeker, youth allowance and Austudy recipients
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Bulk billing incentives will be tripled for the most common consultations with children under the age of 16, pensioners and other commonwealth concession card holders
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The maximum rate of Commonwealth Rent Assistance will be increased by 15 per cent
You can catch up on Tuesday's developments below, or download the ABC News app and subscribe to our range of news alerts for the latest news.
You can also catch up on the main wrap below 👇
Your thoughts on this year's federal budget — and what it means for you
By Bridget Judd
If you've got a question or comment you'd like to submit, you can send it in using the blue 'leave a comment' button at the top of the page.
This budget is a bit like treating somebody bleeding out with a few band-aids. The poor are still getting poorer, inequality is increasing and this government isn't tackling the root causes of that. – Scott
Good to see job seeker going up by$ 40 dollars a fortnight. Also bulk billing doctors getting a increase – Derek
I’m so sick of middle class getting nothing . We are struggling too . Paying taxes to help everything but never ever get support from the government ourselfs . I thought we would get the $500 electricity bonus . – Nicole
Giving the poorest people more money they can put in the pockets of landlords without doing anything to make rents go down isn't a cost of living improvement. – Ashley
This budget remind me of a proverb. "Tightening the belt for economic winter" — Josh
WATCH: What businesses are set to gain from the budget
By Kate Ainsworth
There's been plenty of focus on providing relief for families for the cost of living, but what does it do for businesses?
My colleague, business reporter David Chau, poured over the budget papers so you don't have to👇
This is who is eligible for the budget's cost-of-living support
By Bridget Judd
The 2023-24 federal budget includes $14.6 billion of what the government calls "targeted relief" for Australians who are struggling with the rising cost of living.
Treasurer Jim Chalmers says the support will come in the form of things such as lower power bills, increased welfare payments and more affordable housing.
Let's take a look at where the cost-of-living relief is going, and who is set to benefit 👇
Bulk-billing changes will 'help to stem the bleeding', says doctors’ group
By Bridget Judd
By the Specialist Reporting Team's Penny Timms
By now, you’ve probably heard the government has announced a tripling of the bulk-billing incentive that’s paid to doctors to see certain patients.
It’s a key feature of the budget, and a move that the government says will benefit more than 11 million eligible Australians.
According to the budget papers, the government will spend $3.5 billion over five years to incentivise GPs to provide bulk-billed consultations – i.e. free for the patient.
The bulk-billing incentive will be increased for the most common consultations with children under 16, pensioners and other Commonwealth concession card holders. A higher incentive will be paid for patients in rural and regional areas.
So from November, city doctors who see a patient for a standard consultation will receive $20.65 - an increase from $6.85. Doctors in very remote areas will receive $39.65 for a standard consultation, up from $13.15.
Under our Medicare system, doctors and medical practitioners bill the government for certain services they provide to patients. But the rate has not kept pace with the increasing cost of delivering healthcare, so patients have had to pick up the difference and many doctors have abandoned bulk billing altogether.
Tonight’s announcement has been some time coming. Last year, the federal government got real and addressed the elephant in the waiting room: Medicare is overstretched, outdated and no longer works for patients or doctors.
The government says it’s determined to change that and had already announced $2.2 billion for its “Strengthening Medicare” package, which includes nearly $360 million for after-hours clinics and more funding to help attract and retain more medical staff, like nurses.
The investments have been welcomed by doctor groups, who are tonight sounding pretty chuffed.
In a statement, the president of the Royal Australian College of GPs, Nicole Higgins, described the budget measures as a "win for patients".
“The $5.7 billion funding package triples the bulk-billing incentive, hikes Medicare rebates twice this year, and boosts the Workforce Incentive Payment," Dr Higgins said.
"It also includes funds for a new Medicare item for longer consultations lasting more than 60 minutes.
"We know the problems impacting our health system can’t all be fixed in one go, but tonight’s budget includes a groundbreaking investment in the health of all Australians by strengthening general practice care.
“It will help to stem the bleeding, relieve pressure on our entire healthcare system including our hospitals, and ease pressures on people struggling to afford the care they need.”
Have small businesses been forgotten in tonight's budget?
By Kate Ainsworth
If you're a small business owner you might be thinking there wasn't a whole lot in the budget for you — the headlines include an extension to the instant asset write-off (capped at $20,000), the small business energy incentive, and help with the digital technology centre.
The Business host Kathryn Robinson asked finance minister Katy Gallagher if that was really enough support for small businesses.
Here's how the finance minister responded:
Gallagher: I think those measures are important but they are not the only measures in the budget. They are small business specific but I think you look at the investments that we are rolling out the door through the energy transition, through the National Reconstruction fund, there are huge opportunities for small business.
There's also measures around cyber security, around anti- scams, and these are big areas for small business, and they are affected and we want to ensure we get the response right, there.
I think the budget is hundreds if not thousands of decisions that land in that one final book but there is a bigger story there, certainly for small business. Those measures you outlined are clear in the budget, there are other ones that are talked about, small business and have a huge crack at it as well.
Watch the full interview with Treasurer Jim Chalmers
By Bridget Judd
The ABC's David Speers spoke to Jim Chalmers about some of the big announcements from this year's federal budget 👇
NDIA gets funding boost to tackle excessive growth and fraud
By Shiloh Payne
By National Disability Affairs Reporter Nas Campanella
The agency that manages the National Disability Insurance Scheme is getting additional funding to improve its systems and slow down the growth of its costs.
The government will spend $732.9 million over four years to ensure the sustainability of the scheme, which it says is the fastest growing Commonwealth payment.
The funding is intended to help reduce the ballooning cost of the scheme and meet a government target of no more than 8 per cent growth by 2026.
The government expects this to moderate growth in NDIS costs by $59 billion over the seven years to 2033–34.
The National Disability Insurance Agency will get $429.5 million to improve the way it works, and $73.4 million will go towards supporting participants to keep their plans within budget.
The money will also be used to hold to account service providers and those helping participants with their funding and supports, like plan managers and support coordinators.
The agency will also get $48.3 million over two years to detect and reduce fraud within the scheme.
As part of the funding boost, the government has reiterated its commitment to allowing participants to hold plans for longer than 12 months.
Your thoughts on this year's federal budget — and what it means for you
By Bridget Judd
If you have a question or a comment, you can send it in using the blue 'leave a comment' button at the top of the page.
What good is a surplus when there are children living in tents this winter in Australia? – Soraya
This budget will help so many people which is awesome 👌. The ones that don't have kids or the people on work cover..still miss out. My partner has PTSD from serving 17 years as a police officer. He cannot survive on his measly money every fortnight. Maybe next budget...someone might think of the rest of the struggling Aussies 🤔 – Jo
As a median wage earner with no kids there isn't really anything in this budget specifically for me. But I think that's probably how it should be. My cost of living has gone up a lot but I know others are doing it tougher. — Natalie
Would have been nice for there to be some relief for those who are about to get hit with a 7% increase in their HECS! I wonder what the total they'll make off of that is. – Connor
Not surprised, but yet disappointed again that middle-class working singles get nothing but dust and air, both of which are free. Slugged with increased mortgage payment, no second investment property to negative gear, paying more for everyday goods and services, paying tax, working and contributing to the economy, and still, nothing in return, not from this government anyway! – Sam
'The budget will not solve everything', finance minister says
By Kate Ainsworth
Finance minister Katy Gallagher is being interviewed by The Business host Kathryn Robinson, and was asked if the government should have been "more bold" when it came to reforming its revenue intakes.
Gallagher said the reform included in tonight's budget is about ensuring "sustainable" footing.
Gallagher: The budget has strong reform. Obviously, we have been upfront about some of the challenges with the budget.
There are revenue increases, we are clear about that. Super, multinational and tax reform. A couple of those in the PRRT.
We're looking saving, spending, overall. And then putting the budget on a more sustainable and resilient footing. You will see that.
The budget obviously will not solve everything. One budget in one year. But I think it makes pretty good progress towards sustainability that I think everybody has been looking for.
Federal budget includes millions to tackle scams
By Bridget Judd
Scam victims are losing record amounts, and the government has listened to their concerns that not enough is being done to prevent and detect fraud.
Here’s a breakdown from national consumer affairs reporter Michael Atkin:
Michael: The budget contains a package of measures which will crack down on scam websites and pesky fake text messages.
Among them are plans for a new centre that the government hopes will coordinate a major anti-scam effort between government and the private sector. This new National Anti-Scam Centre will be run by the consumer watchdog, the ACCC.
While there are few details, $58 million is being given over three years and the government says the centre will improve data sharing across government and the private sector, and target specific scam issues.
The corporate regulator ASIC is also getting a boost, with more than $17 million over four years being devoted to identifying and taking down scam websites. Among its targets will be sites that promote investment scams, which cause by far the biggest losses to Australians — a whopping $1.5 billion last year.
And finally, if you’ve ever copped a text message saying you haven’t paid a road toll or need to log in to your mygov account, the government hopes a new SMS sender ID register might make a difference.
It’s dedicating almost $11 million over four years to the Australian Communications and Media Authority and a government department to manage the registry, which is designed to stop scammers imitating or “spoofing” private sector companies and government brand names in messages.
In pictures: Treasurer Jim Chalmers delivers the 2023 federal budget
By Bridget Judd
Royal Australian College of GPs calls the budget 'a game changer'
By Tom Williams
The Royal Australian College of GPs (RACGP) says the budget is a win for people trying to find medical care.
RACGP President Dr Nicole Higgins says she commends the government "for committing to this massive investment in general practice care".
"We know the problems impacting our health system can't all be fixed in one go, but tonight's budget includes a groundbreaking investment in the health of all Australians by strengthening general practice care," she says.
"The government has shown real commitment to strengthening Medicare and rebuilding general practice care for all patients.
"This $5.7 billion funding package puts patients first.
"It will help to stem the bleeding, relieve pressure on our entire healthcare system including our hospitals, and ease pressures on people struggling to afford the care they need."
Budget remains in 'small deficit' according to one analyst
By Bridget Judd
That's according to Anthony Walker, a director at S&P Global Ratings — the American agency that awarded Australia its triple AAA credit rating.
Here's his take on the budget:
Walker: In our view, the budget remains in small deficit. We believe the more comprehensive headline cash balance, which includes off-budget spending, loans, investments, and foreign aid, provides a better picture of the government's finances.
We expect headline cash deficits to remain about $15-25 billion per year.
He also thinks inflation will still remain high for a couple more years — which will prove to be an ongoing challenge for the government.
Walker: We expect inflation to be stubbornly higher than the RBA's target until fiscal 2026.
While the government has shown spending restraint in the face of growing demands, handouts in today's budget may add to inflationary pressures.
The government's commitment to fiscal discipline, such as saving revenue upsides, remains critical to our 'AAA' rating on Australia as long-term challenges linger.
Cost-of-living package to 'directly reduce' inflation by 0.75% next year
By Kate Ainsworth
We spoke about it before the budget was released, so let's talk about a word we've become all too familiar with: inflation.
In its economic outlook, the government says inflation has reached its peak and begun to moderate — the consumer price index, or the measure of inflation in the economy, hit 7% in the March quarter, down from 7.8% in December.
The RBA wants to return inflation back down to its target 2-3% range, and there were plenty of concerns that the budget measures to help people out with the cost-of-living would make inflation worse.
Treasurer Jim Chalmers says the budget is moderated to ensure it won't drive up inflation — and digging into the budget papers, the government is in fact expecting its cost-of-living package to "directly reduce" inflation by 0.75% by the next financial year.
The budget estimates inflation will return to that 2-3% range in 2024-25.
But don't just take my word for it — the government's forecast has it in black and white (and blue), with the vertical dashed line marking where we are now.
So how will the government reduce inflation? It says its energy price relief plan will drive it back down to a more palatable level.
People 'stretched to the breaking point' and '20 or 30 bucks isn't going to change that'
By Bridget Judd
The federal budget followed the script on recent speculation that Jobseeker payments would be boosted by $40 a fortnight.
The Austudy and Youth Allowance payments will also be lifted by $40 a fortnight, overall benefiting 1.1 million people receiving income support.
We already knew that over 55s would also receive a higher rate of JobSeeker.
But as social affairs correspondent Norman Hermant explains, advocates say the boosts don’t go far enough for those who need it most.
Norman: The increases to Centrelink payments were enough to be called a “win” by some players – but advocates say the increases are so small they won’t make much difference.
“The cost- of- living increases have been so rapid that (people) are still going to be absorbing financial pressure,” Kristin O’Connell form the Antipoverty Centre said.
“People are stretched to the breaking point and 20 or 30 bucks (per week) isn’t going to change that.”
Mike Sadler and LiIz McKay, recently featured by the ABC, both rely on the Austudy payment as they retrain as teachers. They were hoping for much more than the $20 per week increase announced in the budget.
WATCH: Rare surplus gives Labor chance to shake off deficit reputation
By Bridget Judd
The forecast of a surplus for the current financial year offers up a chance for Treasurer Jim Chalmers to reset Labor's brand as economic managers.
The ABC's Laura Tingle has more 👇
Federal budget is 'good news' but productivity reforms are needed
By Kate Ainsworth
That's according to Jo Masters and Johnathan McMenamin from Barrenjoey.
They say although Australia's economy is performing well, reforming productivity needs to be on the agenda to sustain it in the medium-term.
"While the surplus is welcome, we would note that the economy is the strongest it has been in 50 years and this cyclical strength delivers a surplus of just 0.2%. This highlights the ongoing medium-term structural fiscal pressures that Australia faces," they wrote.
"The deficit is projected to be 0.2% of GDP in FY24, compared to 2.0 per cent projected in the October budget.
"We hope this good news does not soften the case for reform.
"These forecasts are built on optimistic productivity forecasts. We need fiscal discipline alongside productivity reforms — that will allow us to tackle our debt burden, grow the economy and improve standards of living; and to have a serious crack at energy transition."
Barrenjoey’s chief economist Jo Masters will be one of the panellists on The Business Budget Special, live on ABC News Channel at 9:30pm AEST (very soon!) along with e61 economist Lachlan Vass, ABC business editor Ian Verrender and presenter Kathryn Robinson.
Australia’s national libraries, museums and galleries to get an upgrade
By Shiloh Payne
In some other news out of the budget, more than $500 million will go sustaining nine of the country’s national collecting institutions.
These include:
- The national library, gallery, museum, portrait gallery and archives of Australia
- The Museum of Australian Democracy at Old Parliament House, the National Film and Sound Archive, the Bundanon Trust, the Australian Maritime Museum and National Collecting Institutions
Over four years, the package will refurbish the buildings and continue to digitise records.
