Federal Budget 2023: How to make the most of the key promises
Treasurer Jim Charles has handed down his first budget for 2023/24, offering a series of measures aimed at tackling the cost-of-living crisis.
Millions of Australians will receive a boost from the federal government medical care, bills and welfare payments, amid the forecast that the budget will be be in the black with a surplus of $4bn.
Here’s what it means for you:
Bill help
Those who are on the pension, a seniors card holder or a recipient of family tax benefits A and B will be eligible to get help with energy bills thanks to a deal between the states and Commonwealth that’s worth $1.5bn.
That means over five million eligible households and one million eligible small businesses will benefit from the scheme.
The relief will come in the form of credits that apply directly to their power bills rather than cash, and the amount they receive will depend on the state they live in.
Medicare Relief
The incentives paid to GPs who bulk bill 11.6m eligible Australians including children under 16, pensioners and other concession card holders will increase.
GPs will be able to claim the incentives for in-person consultations over six minutes long and certain telehealth consultations.
GPs who bulk bill patients in the city will be paid a new incentive of $20.65 compared to the previous rate of $6.60, while regional GPs will receive a $31.40 incentive, up from $10.05.
Welfare recipients
Over 1.1 million vulnerable Australians will benefit from a $40 fortnightly boost from September, if parliament agrees.
The increased base rate will apply to people receiving JobSeeker, Youth Allowance, Parenting Payment (partnered), ABSTUDY, Disability Support Pension (Youth) and Special Benefit.
Rental assistance
For many renters, this budget means that rent is forecasted to increase over the next year as the market tightens.
However, for those currently receiving the maximum Commonwealth Rent Assistance allowance their payments will increase by 15 per cent.
Here’s what the Federal Budget will look like at a glance:
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Budget deficit of $13.9 billion in 2023/24
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Commonwealth net debt to rise to $574.9 billion (22.3 per cent of GDP) in 2023/24
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Economic growth to fall to 1.5 per cent in 2023/24
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Unemployment rate to rise to 4.25 per cent in 2023/24
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Inflation as measured by CPI to be 3.25 per cent in 2023/24
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Wages to rise by four per cent in 2023/24
And here are the key measures the federal budget has promised:
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Energy bill relief for five million households and one million businesses
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Triple bulk-billing incentives and more funding for urgent care clinics
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Base rate of JobSeeker and other payments to be raised for 1.1 million households
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Commonwealth Rent Assistant rise for 1.1 million households
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Housing boost including tax breaks for build-to-rent investors
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$4 billion extra for renewable energy
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Tax breaks for small business to write-off assets and reduce energy costs
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Targeted help for jobless aged over 55
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Cut to cost of medicines
Image: Getty Images/ Martin Ollman / Stringer