Charlotte Varcoe
Forecast surplus of $9.3b in 2023-2024
New $300 energy bill rebate for all Australians as part of the $3.5b energy relief
Economy tipped to grow 1.75 per cent this financial year and two per cent the next
Unemployment forecast to rise to 4.5 per cent
$28.3b deficient forecast for 2024-2025
Inflation to decrease under three per cent by the end of the year
All 13.6m taxpayers will receive a tax cut from July 1, 2024
Those 2.9m people earning $45,000 or less are included
Electricity prices rose by two per cent this year
$3b for cheaper medications for the community
Maximum cost of pharmaceutical benefit scheme medications will be frozen with nobody paying more than $31.60
Concession card holders and pensioners will not pay more than $7.70 over the next five years for medication
$3.4b invested into medicines to the scheme, cutting the cost of one breast cancer treatment to $31.60
Indexation of student loans will be capped to either the consumer price index or wage price index backdating to mid-2023.
Food and Grocery Code will be made mandatory
$1.9b to increase the maximum rates of rent assistance by a further 10 per cent
In the five years from July, aiming to build 1.2m homes
$6.2b in new investments – meaning the $32b Homes for Australia plan will include clearing local infrastructure bottlenecks, more student housing, more social and affordable housing
$89m for 20,000 additional fee-free Tafe and Vet places to train more construction workers
Limit on how many international students can be enrolled by each university based on formula and how much housing universities build
$1.9b in loans to help build 40,000 social and affordable homes
$1b towards accommodation for women and children fleeing domestic violence and youth
$2.3b for infrastructure and the new international airport
$102m to upgrade regional airports and remote airstrips
$22.7b Future Made in Australia package
$13.7b in production tax incentives for green hydrogen and processed critical minerals
$520m to deepen net zero trade and engagement with the region
$566m to map the geological potential for the country
$50.3b over 10 years as part of the National Defence Strategy
Extension of the $20,000 instant asset write-off until June 30, 2025 for small businesses
$625m to help farmers and rural communities reduce emissions and better prepare for climate change and drought
National target of eight out of 10 workers achieving a qualification by 2050
$350m for fee-free university-ready courses
$500m in skills for priority industries
29 new urgent care clinics across Australia
$361m to strengthen mental health system
$2.2b to improve aged care services following the Royal Commission
$531m for another 24,000 home care packages
$469m to keep NDIS working with the disability communities and crack down on fraud and exploitation
$925m to establish the permanent Leaving Violence Program
$1.1b to pay super on government-funded Parental Leave
$56m to improve access to women’s health services
$19m to support carers to better choose how they work
The freeze on social security deeming rates will continue until June 30, 2025
$41m to further extend eligibility for the existing higher rate of JobSeeker
People who work up to 14 hours a week will have their payment increase by at least $54.90 a fortnight
New remote jobs and economic development program
3000 new jobs in remote Australia
Tax cuts will begin on July 1, 2024
Those taxed at 19 per cent tax rate will be reduced to 16 per cent
Those taxed at 32.5 per cent tax rate will be reduced to 30 per cent.
There will be an increase in the threshold above the 37 per cent tax rate which applied to $120,000 to $135,000
There will be an increase in the threshold above the 45 per cent tax rate which applied to $180,000 to $190,000
