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The Latest Breaking News from Federal Budget

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

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.

Al Jazeera

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.

International Business Times

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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.

AAP

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.

Reason

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.

Top News

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

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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.

AAP

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

'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

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The Conversation

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.

Barchart

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...

Reason

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.

Roll Call

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.

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Reason

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.

Tribune News Service

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.

The Conversation

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 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.

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