Our Guide to the Federal Budget 2023-24
The 'ace in the hole' of the Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take.
Below are the highlights from the 2023-24 Federal Budget, handed down by Treasurer Jim Chalmers on 9 May 2023.
The 'ace in the hole' of the Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take. Other key measures:
- Some households and small businesses will receive relief on their energy bills.
- Doctors will be encouraged to offer bulk billing to children under 16, pensioners, and other Commonwealth card holders by tripling the existing incentive.
- Commonwealth rent assistance will be increased.
- JobSeeker and other income support payments will be raised.
- The single parenting payment will have expanded access.
- Small businesses will be able to take advantage of the reinstated $20k instant asset write-off.
But there is a lot not in the Budget such as the ability to carry back losses, temporary full expensing, Division 7A, any mention of the technology investment boost and skills and training boost.
- $4.2bn surplus — first in 15 years
- Energy bill relief for households and small businesses
- Bulk billing incentive tripled for children under 16 and pensioners
- $20k instant asset write-off reinstated for small businesses
- No extension of temporary full expensing or loss carry-back
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