Federal Budget
Better budget bottom line, higher inflation on the way
17 December
Treasury has updated its economic and fiscal forecasts for the next four years in its mid-year budget update. BUDGET DEFICITS (PREVIOUS IN BRACKETS): * 2025/26 – $36.8 billion ($42.2b) * 2026/27 – $34.3b ($35.4b) * 2027/28 – $36.2b ($27.1b) *...[Read More]
Budget $5.4b better off as Chalmers tightens the belt
17 December
Treasurer Jim Chalmers will unveil a $5.4 billion improvement in the federal budget this financial year, even as the deficit sinks to its worst level in five years. With judicious use of words such as “sensible” and “restraint”, Dr Chalmers...[Read More]
Chalmers spins battery blowout into budget savings
17 December
Treasurer Jim Chalmers has used a $4.9 billion blowout in home battery subsidies to claim the government saved taxpayers $6.7 billion in the mid-year budget update. The battery subsidy program was initially set to cost taxpayers $2.3 billion but the...[Read More]
Budget takes $8.2b hit thanks to black market tobacco
17 December
Australia’s roaring tobacco black market has blown more holes in the federal budget but Treasurer Jim Chalmers continues to stare down calls to tackle the excise driving the trade. In Dr Chalmers’ mid-year budget update released on Wednesday,...[Read More]
Budget focuses on power bills, tax cuts and healthcare
26 March
FEDERAL BUDGET AT A GLANCE * Budget deficit of $27.6 billion this financial year * Commonwealth gross debt to rise to $940 billion (33.7 per cent of GDP) in 2024/25 before cracking $1 trillion the year after * Net debt to rise to $556 billion in...[Read More]
Budget fundamentals smashed as storms cloud outlook
26 March
Australia is on track for structural deficits as far as the government can see, clouding the economy’s final approach to a soft landing. Treasurer Jim Chalmers’ federal budget unveiled on Tuesday night locks in underlying deficits until 2035/36...[Read More]
Federal Budget at a glance: focus on power bills, medicines and rent relief
15 May
THE BUDGET Budget surplus of $9.3 billion in 2024/25 Commonwealth net debt to rise to $552.5 billion (20 per cent of GDP) in 2024/25 Economic growth to rise to two per cent in 2024/25 Unemployment rate to rise to 4.5 per cent in 2024/25 Inflation...[Read More]
Biggest winners and losers revealed in federal budget
15 May
BUDGET WINNERS AND LOSERS WINNERS Lower income households – more energy bill assistance on the way Small businesses – energy bill rebates and extension of asset write offs Renewable and other energy companies – tax breaks and other incentives...[Read More]
Your Federal Budget summary
11 May
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...[Read More]
Budget good, but more needed: business
26 October
Peak business groups have hailed the Albanese government’s first budget as careful and cautious, but warn hard work lies ahead to shore up the economy. Business Council chief Jennifer Westacott said the Labor economic blueprint made the...[Read More]
Treasury 2022/23: Four year budget economic forecasts
26 October
Economic growth over the four years to 2025/26 is likely to be slower than predicted ahead of the May federal election, due to global challenges, high inflation and higher interest rates. KEY ECONOMIC FORECASTS IN 2022/23 BUDGET GDP (real, versus...[Read More]
Billions set aside for aged care reforms
26 October
Long-awaited aged care reforms are set to be delivered thanks to a multi-billion dollar boost. The federal budget shows $2.5 billion will be spent over the next four years to ensure all aged care facilities have a registered nurse onsite around the...[Read More]
Treasury to report on wellbeing progress
26 October
Australians will soon be able to see in fine detail how the nation is making progress on everything from women’s safety to a cleaner environment. Treasury is working on a report – to be known as the Measuring What Matters Statement...[Read More]