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

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 







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.

 Expert in eCommerce & Digital Marketing
NepaliPage,connects Australian Nepalese Community & Australian Nepalese Business Globally

Disclaimer: NepaliPage.com (नेपालीपेज डटकम) is a Nepalese Community website aggregating Nepalese Australian affairs including Australian Nepali Community News, Migration opportunities in Australia, Nepali International Students, Nepali home and garden, Nepali mortgage and real estate tips, tricks, and services, Travel, Entertainment, Nepalese Events, blogs, interview and many more. None of our stories is tailored expert advice for your circumstance, and cannot be taken as legal, migration, or any other expert advice. By nature, all of our contents provide general information on related topics from the various verified sources. We do not offer direct employment opportunities, Australian VISA help, and Migration assistance.

Previous Nepalese in Australia : Education, Work and Income  
Next Nepal Airlines is ready to start flights to Australia

Check Also

Nepal Airlines flying Sydney Kathmandu - nepalipage.com

Nepal Airlines is ready to start flights to Australia

Good News, everyone! Nepal Airlines is moving closer to launching its direct flights to Australia, …