The Albanese Government’s 2023‑24 Budget addresses the immediate challenges Australians are facing, better shares the opportunities in our society and builds a stronger and more secure economy.
Australians have shown resilience in the face of heightened global uncertainty, persistent inflation and higher interest rates, which are combining to slow our economy.
The best response to these challenges is a responsible budget that strikes the right balance between easing cost of living pressures, securing the essential services people rely on and laying the foundations for future growth.
It does this while strengthening our fiscal position, with a budget surplus now forecast in 2022‑23, and lower deficits and debt compared to recent budgets.
The Budget lays stronger foundations for a better future by:
- Delivering cost‑of‑living relief,
- Strengthening Medicare,
- Investing in a stronger and more secure economy,
- Broadening opportunity, and
- Strengthening our nation’s finances and funding priorities.
Delivering cost‑of‑living relief
We know many Australians are feeling the strain of high inflation. The Budget provides cost‑of‑living relief that is affordable and prioritises those most in need, including:
- Providing energy bill relief to over 5 million households and 1 million small businesses
- Helping 170,000 households save on energy bills by financing energy saving home upgrades
- Cutting the cost of medicine by up to half for at least 6 million Australians
- Supporting 57,000 single parents by expanding eligibility for Parenting Payment (Single)
- Responsibly increasing the base rate for eligible recipients of JobSeeker and other payments for 1.1 million people
- Increasing Commonwealth Rent Assistance for 1.1 million households
- Encouraging investment in more housing including tax breaks to boost investment in build‑to‑rent projects
- Delivering a 15 per cent pay rise on award wages for aged care workers and getting wages moving again
Strengthening Medicare
Medicare is the foundation of Australia’s primary health care system and in this Budget we’re making it stronger.
- Investing an historic $5.7 billion to strengthen Medicare.
- Making it cheaper and easier to see a doctor by tripling bulk billing incentives, with immediate benefits for more than 11 million Australians.
- Funding for more Medicare Urgent Care Clinics; and after hours primary care.
- Improving access through digital health and expansion of general practice.
Stronger and more secure economy
The Budget lays the foundations for a stronger economy and delivers a plan for how Australia can maximise our economic advantages by:
- Committing a further $4 billion to our renewable energy superpower plan
- A plan to make Australia a world leading hydrogen producer
- $500 million to modernise and grow Australia’s industrial capabilities
- New tax breaks for small business
- Building up our defence industry
- Supporting quality training and addressing skills needs
Broadening opportunity
This Budget and this Government is committed to economic growth that puts equality and equal opportunity at the centre, including through:
- Advancing women's economic opportunity
- Supporting women and children’s safety
- Targeting entrenched disadvantage
- Investing in Aboriginal and Torres Strait Islander communities
Strengthening the Budget and funding national priorities
Making the nation’s finances stronger and more sustainable and funding the programs Australians need and deserve.
- Lower deficits and debt, and a surplus forecast in 2022‑23
- Better quality spending, and a fairer tax and superannuation system
- Continuing support for programs Australians need and depend on
- Building a sustainable aged care system
- Getting the NDIS back on track
- Looking after our veterans
- Strengthening our engagement in the region
The Albanese Government is delivering a responsible Budget that builds stronger foundations for a better future. It is designed to see Australians through hard times and set our economy and our country up for lasting success.