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The Latest Breaking News from Federal Budget

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 Conversation

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

The Guardian - AU

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

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'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.

AAP

Albanese defends inflation-busting plan amid blowback

The federal government has backed its inflation-fighting policies as the opposition says Labor's perception of price pressures is at odds with the Reserve Bank.

AAP

IBM pulls ads from X over placement next to pro-Nazi content

Tech giant IBM has pulled its ads from X after they were run alongside pro-Nazi posts. The news comes after Elon Musk endorsed an anti-Semitic post on the platform. Meanwhile, the largest semiconductor equipment maker in the US, Applied Materials, is under criminal investigation for potentially evading export restrictions on…

France 24

As yet another deadline looms, a divided US House stumbles closer to a federal shutdown: 5 essential reads

Once again, federal budget negotiations are down to the last minute, and once again, GOP hardliners are in the middle of what might turn into a gridlock.

The Conversation

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Interest on U.S. Government Debt Continues to Soar

According to Bloomberg analysis, estimated annualized interest payments on U.S. government debt climbed past $1 trillion at the end of October. That amount has doubled in the past 19 months and is equivalent to 15.9% of the entire Federal budget for fiscal year 2022. The increasing debt load may pressure...

Barchart

How the Federal Budget Deficit Doubled in a Single Year

It's not the first time that has happened, but there are key differences about what happened this year.

Reason

Balanced-budget plan unveiled by House Republicans - Roll Call

House Republicans released a long-delayed budget blueprint Tuesday that promises to bring the federal budget into balance over a decade.

Roll Call

Under Multiple Budget Scenarios, the Government's Numbers Still Don't Add Up

Balanced federal budgets aren’t even considered as a possibility.

Reason

Why Did Joe Biden Stop Talking About the Deficit?

The federal budget deficit has exploded under Biden's watch, and he can no longer pretend otherwise.

Reason

Conservatives’ budget plan renews battle over seniors’ benefits

WASHINGTON — The largest bloc of House conservatives offered up a fiscal blueprint Wednesday that promises to balance the federal budget in seven years, make GOP tax cuts permanent and slash domestic spending.

Tribune News Service

Politics with Michelle Grattan: Labor's Julian Hill on employment, AI, Julian Assange and TikTok

The federal budget gave a much-needed, but very modest, increase to those on JobSeeker and associated payments. However, it didn’t address that other important issue of the unemployed: how to help as many JobSeekers as possible to get into work, whether full- or part-time.

The Conversation

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The New Daily

Electricity bills expected to surge despite budget tipping modest rise

Power bills in at least three states will rise by more than double the amount estimated in the federal budget.

The Conversation

Just 1 in 5 employees in the space industry are women. This lack of diversity is holding us back

This week, the Australian Space Summit is celebrating some of our nation’s strengths and achievements in the space sector. But it’s taking place under the shadow of significant cuts to space technology investment announced in last week’s federal budget.

The New Daily

Consumer confidence sinks following rate hike, budget

Consumers remain down in the dumps after the 2023/24 federal budget failed to meet the expectations of those under financial stress.

The Conversation

Government plans to use NDIS purchasing power to help save billions – but they shouldn't put products before people

Last week’s federal budget included a A$732.9 million investment to get the National Disability Insurance Scheme (NDIS) “back on track”. In the next four years, there are also plans for a $15.3 billion reduction in NDIS costs.

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The New Daily

Budget 2023: New funding for workplaces, training and silicosis prevention

The 2023 federal budget contained a plethora of new spending aimed at improving workforce shortages across the nation.

ABC News

Toowoomba carer in housing stress faces uncertain future despite federal budget welfare boost

Toowoomba's Petrina Haworth is finding it impossible secure a new rental home for herself and her 25-year-old daughter, who requires care, to the point she has filled a notebook with her list of rental inspections.

ABC News

GPs, bulk-billing and MyMedicare: The budget measures that may change how you see a doctor

Tuesday's federal budget included a $5.7 billion boost for general practice, but that's not all the budget had in store for primary health care. Let's take a look at everything that's been announced and what it could mean for you and your health.

The New Daily

Watch: Budget reply, Hayne sentencing, Deeming expelled

Watch: Opposition Leader Peter Dutton has used his Federal Budget reply speech to claim an increase in migration will only stoke inflation, and proposed

The New Daily

‘Insidious’ budget change will hit grocery prices, truck groups say

Farmers and trucking companies will face rising fees after this week's federal budget and may be forced to pass them on to consumers, groups warn.

ABC News

Peter Dutton proposes letting JobSeeker recipients work more without affecting payments instead of $40 increase

Opposition Leader Peter Dutton says JobSeeker recipients should be allowed to work more hours without it eating into their payments, as he responds to the federal budget.

ABC News

Gulf of Carpentaria towns fear another flood as urgent funding pleas ignored in federal budget

Leaders in one of the country's most disadvantaged communities fear their towns will die if bridges are not raised before the next wet season.

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