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Crikey
Crikey
Business
Anton Nilsson

Another surplus? How big? Here’s the budget at a glance

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

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