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News

Budget 2023 at a glance: major measures, cuts and spends

Nepali Page
Last updated: July 31, 2024 10:52 am
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The government is also forecasting a “small surplus” of $4.2 billion in this financial year, the first time it’s been in the black in 15 years.

Budget 2023 at a glance: major measures, cuts and spends - NepaliPage

Chynthia Wijaya-Kovac, The Conversation and Justin Bergman, The Conversation

Treasurer Jim Chalmers has delivered his second budget with a heavy focus on cost-of-living relief for Australians who are struggling due to persistently high inflation and rising interest rates.

While Chalmers says the economy should continue to create jobs and unemployment is expected to remain historically low, inflation remains the top economic concern.

Chalmers says the budget is aimed at providing relief to Australians while trying to prevent adding to inflationary pressures (though some economists have expressed doubts that this will be possible).

The clear highlight of this budget is the government’s $14.6 billion cost-of-living relief spending plan, which includes some of the major measures listed below.

The government is also forecasting a “small surplus” of $4.2 billion in this financial year, the first time it’s been in the black in 15 years. However, this is expected to be followed by a deficit of $13.9 billion in 2023-24 – and forecasted deficits over the following three years.

Here are five charts to show how the current budget fits in with historic economic trends and other economic indicators. Following that is a breakdown of notable spends and cuts in the budget across specific portfolios.

[Read Also:  Lifting migration was easy – now Australia faces two tougher choices on migrant income and residency 


Made with Flourish

Made with Flourish

Made with Flourish

Made with Flourish

Made with Flourish

The Conversation

Chynthia Wijaya-Kovac, Deputy Multimedia Editor, The Conversation and Justin Bergman, Senior Deputy Politics + Society Editor, The Conversation

This article is republished from The Conversation under a Creative Commons license. Read the original article.

TAGGED:Australia Budget 2023Budget 2023FeaturedTreasurer Jim Chalmers
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