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The Latest Breaking News from Federal Budget

Student debt forgiveness causes monthly deficit to jump 562%

The Treasury Department says that the federal budget deficit was 562% higher on a monthly basis compared with September 2021

The Independent UK

Deficit cut in half last year, but more red ink lurks - Roll Call

The federal budget deficit for the fiscal year that ended Sept. 30 fell to just under $1.4 trillion, a 50 percent drop from the prior year.

Roll Call

What we know about the ‘bread and butter’ budget from Jim Chalmers

Labor’s first federal budget in more than a decade is now just days away, with Treasurer Jim Chalmers set to deliver “bread and butter”.

The New Daily

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Australia floods to dent Dec-qtr GDP, spur inflation - Treasurer

Widespread floods that have inundated large parts of Australia's southeast will dent the country's economic growth and increase inflation, Treasurer Jim Chalmers said on Friday, ahead of next week's federal budget.

Reuters

Jim Chalmers is ignoring his own warnings of a possible recession

The Treasurer appears to be ignoring his own warnings ahead of the federal budget about the need to be prepared for a global recession.

The New Daily

Our environmental responses are often piecemeal and ineffective. Next week's wellbeing budget is a chance to act

Treasurer Jim Chalmers’ federal budget next week will for the first time include a section on wellbeing, which aims to measure how well Australians are doing in life.

The Conversation

Cost of living relief could spur inflation

Treasurer Jim Chalmers says any cost of living relief will need to be targeted in the federal budget to avoid further financial pressures on Australians.

AAP

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UAE Approves $68.6 Bln Federal Budget for 2023-2026

The cabinet of the United Arab Emirates, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, approved on Monday the federal budget 2023-2026, with a total estimated expenditure of AED 252.3 billion and estimated revenues of AED 255.7 billion.…

Asharq Al-Awsat

Paradise Dam wall raise funds not allocated in federal budget as farmers brace for summer rain

Queensland farmers are worried the restoration of a lowered dam wall is taking too long as they prepare for a wet summer.

ABC News

The Political Class Has Consistently Ignored Warnings of Fiscal Doom. Now Americans Are Paying the Price.

Warnings of inflation and rising interest rates have long been tied to high and rising debt levels.

Reason

Superannuation tax concessions are costing the federal budget billions. Would changes to winding them back affect you?

We want to know if changes to super concessions will affect you and why? Share your story or ask us a superannuation question

ABC News

Treasurer Jim Chalmers flags new budget strategy, but tax cap 'plucked from the air' can stay for now

The Albanese government's first federal budget will include a significant rewriting of official budget guidelines and will also see forecasts for unemployment revised as a "consequence" of a deteriorating global outlook, the treasurer has flagged.

ABC News

Commentary: How Fed-induced inflation is battering your wallet

A common sound bite today is that the Federal Reserve’s recent interest rate hike is pushing the nation toward recession. But that’s like beginning a book on page 813. The origin of today’s economic malaise is prolonged and massive federal budget deficits, combined with a Fed willing to finance those…

Tribune News Service

Jim Chalmers announces $50bn improvement in federal budget compared to March projections

Treasurer says improvement comes in large part from higher than expected commodity prices boosting returns from mineral exports

The Guardian - AU

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AAP

Treasurer reveals $50b budget turnaround

Jim Chalmers has revealed government finances were better than expected for the previous financial year but foreshadowed tough decisions in his first budget.

AAP

PM warns of difficult decisions in budget

Anthony Albanese has warned of difficult decisions ahead in the federal budget, as the government looks for cost-of-living relief measures.

Tribune News Service

Matthew Yglesias: A debate over the deficit is just what America needs

With unemployment low, inflation high and interest rates on the rise, the time is right to bring back an old idea: bipartisan talks to reduce the federal budget deficit.

Newcastle Herald

Port of Newcastle hydrogen hopes remain up in the air

Climate change and energy minister Chris Bowen will not confirm if a $100 million commitment from the previous government to support the development of the hydrogen sector at the Port of Newcastle will be honoured in the upcoming federal budget.

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AAP

Short-term wage growth unlikely: Chalmers

Jim Chalmers says wages are unlikely to keep up with rising inflation in the short term, as global factors impact on the economy and federal budget.

Reason

Rand Paul Asked Senators To Balance the Budget. Only 28 Agreed.

Rising interest rates will only make it harder to balance the budget in future years.

The Conversation

Federal budget delivers long-overdue policy changes for Canada’s charities

The COVID-19 pandemic has dealt a catastrophic blow to Canada’s charitable and non-profit sector. Representing almost nine per cent of the country’s GDP and employing over two million people, the sector experienced an overwhelming demand for services with fewer staff and even less volunteers to meet increased demand during the…

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