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The Latest Breaking News from Federal Budget

Tax revenue surge as treasurer tempers expectations

Labor won't receive as much tax revenue compared with previous years, but a surplus still remains within reach for the federal budget.

AAP

Finding savings in budget getting 'harder': Labor

The upcoming federal budget may contain more government spending than economists would like as they warn not to place more pressure on inflation.

AAP

Treasurer faces 'hard truths' in global industrial race

The federal budget provides the "perfect lever to pull" for Australia to win back jobs and investment in the global race to secure clean energy supply chains.

AAP

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More cost of living relief on cards in federal budget

Ahead of the May federal budget, Treasurer Jim Chalmers has flagged more cost of living relief that will need to take pressure off inflation, not add to it.

AAP

Canada Imposes Higher Taxes On Wealthiest Citizens In Budget

Canada's new federal budget introduces higher taxes for the wealthiest to address economic disparities and promote fiscal responsibility.

Top News

Canada Budget Woos Young Voters, Asks Rich To Pay More

The government of Canadian Prime Minister Justin Trudeau on Tuesday unveiled a federal budget that seeks to woo young voters while asking the wealthy to pay higher taxes.

International Business Times

Canada's Federal Budget May Increase Taxes To Meet Goals

Canada's federal budget plans tax increases on high-income earners and corporations to boost revenue for economic recovery and pandemic challenges.

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PM downplays commission criticism on manufacturing push

The chair of the productivity commission has raised concern the Future Made in Australia Act could increase reliance on government funds.

AAP

Home building muted yet rate cuts could spur activity

The pace of home building, as shown by official dwelling approvals data, continues to lag behind strong demand for housing.

AAP

US Lawmakers Race To Avert Weekend Government Shutdown

US lawmakers released a $1.2 trillion package in the early hours of Thursday to complete the 2024 federal budget -- teeing off a race to sign it into law before a government shutdown looming at the weekend.

International Business Times

Call to boost support for the 'financially distressed'

More opportunities for Australians facing "the worst" of increasing rent in a cost of living crisis are on the federal budget wishlist of welfare advocates.

AAP

Canada's Budget To Address Housing Crisis With Billions

Canada's federal budget allocates funds to address housing crisis, focusing on affordability and availability. Government aims to provide secure and afford...

Top News

NASA gets $25.4 billion in White House's 2025 budget request

President Biden's 2025 federal budget request allocates $25.4 billion to NASA, a minimal increase over what Congress just allocated for 2024.

Space

Businesses to save as government scraps tariffs

Hundreds of nuisance tariffs on everyday items like tools, clothing, dishwashers and more will be scrapped in a move that will save businesses millions.

AAP

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Al Jazeera

US Senate passes $460bn spending bill to avert government shutdown

Vote is a major step towards finalising the 2024 federal budget after months of deadlock in the divided Congress.

International Business Times

US Lawmakers To Avert Shutdown With Vote On Eve Of Major Biden Speech

US lawmakers were set to vote Wednesday to end a long-running row over the federal budget with a giant bill to fund several major federal agencies through the fall, averting a partial shutdown due to start at the weekend.

AAP

Doctors, nurses make emergency call on federal budget

More than 40 health groups have called on the government to make climate and health funding a priority after services were challenged by extreme weather.

Reason

Surging Immigration Will Reduce Deficits by $1 Trillion

New Congressional Budget Office data shows how higher-than-expected immigration is a win for the economy and the federal budget.

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Top News

Bank of Canada Concerned Federal Budget May Hinder Inflation Fight

The Bank of Canada warns that the federal budget in Canada may pose challenges to the fight against inflation, highlighting potential issues and risks.

AAP

Cars will need to be twice as green to avoid luxury tax

High-end vehicles will need to become more fuel-efficient to avoid a 33 per cent tax under changes in a federal budget update.

AAP

Clean energy superpower status remains work in progress

The federal budget update acknowledges more must be done to secure and wire up renewables, with clean energy "superpower" status remaining a work in progress.

The Conversation

Budget update forecasts deficit of $1.1 billion this financial year

The federal budget is headed for a small $1.1 billion deficit this financial year, according to the update released by Treasurer Jim Chalmers and Finance Minister Katy Gallagher on Wednesday morning.

The Guardian - AU

Myefo 2023: Australia’s federal budget on track for wafer-thin $1.1bn deficit

Mid-year economic and fiscal outlook reveals $12.8bn improvement in budget bottom line due to strong labour market and commodity prices

AAP

Stubbornly high inflation will eat into real wage gains

The federal budget is looking healthy thanks to a surprise revenue boost but inflation is proving persistent and is continuing to hurt household finances.

AAP

'We're under pressure too', Chalmers tells treasurers

State and federal treasurers are yet to reach an agreement on the GST no worse off guarantee but talks are set to continue at national cabinet next week.

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