“That optimism and resilience has sustained us – and carried us – through downturns and disaster, through recession and pandemic.” Treasurer Jim Chalmers.
In typical fashion, the Labor government has concentrated its budget focus on delivering cost of living relief, strengthening Medicare, renewable energy and equal opportunity. The budget reflects minimal wholesale changes to the tax structure and would be best described as measured.
Click HERE to view pdf of Federal Budget Summary 2023-24
AT A GLANCE
- $4.2B Budgeted forecast surplus
- 6% to 2.75% Budgeted forecast inflation in 2024/2025
- $1.02T Gross debt by 2025-2026 being 36.3% of GDP
- $5.7b investment in strengthening Medicare
- $4b renewable energy superpower plan
- $2b to make Aus leading Hydrogen producer
- $588.8m towards GST compliance over 4 years
- $89.6m towards personal income tax compliance over 2 years
- $5m households and 1m businesses provided energy bill relief
- $3m super balances lost tax concessions
- $20,000 instant asset write off
- 20% additional deduction up to $20k on small business energy incentives
- 15% global and domestic minimum tax for large multinational companies.
While previous budgets had a stimulus focus, this budget exercises restraint and focusses on ‘setting Australia up for the future’.