Overview
Treasurer Jim Chalmers delivered his second budget for the Labor Government overnight, less than 8 months on from his first budget delivered after the change of government. The RBA cash rate was 2.60% back then and has risen a further 1.25% to the current 3.85%, with the end hopefully in sight for homeowners. The Treasurer’s second budget is heavily targeted at addressing the rising cost of living and boosting welfare, all while still aiming for balance, trying to avoid contributing to inflationary pressures, and to continue to foster economic growth and a return to real wage growth for the Australian public.
Budget 2023-24: Stronger foundations for a better future
The five pillars outlined within the budget overview were:
- delivering cost-of-living relief
- strengthening Medicare
- investing in a stronger and more secure economy
- broadening opportunity
- strengthening the Budget and funding our priorities.
Broadly, some of the big winners and losers from the budget:
Winners
- Single parents
- Low-income households
- Medicare access for children <16 years, pensioners and other concession holders
- Small businesses
- Aged care workers
- First home buyers
- Renters
- Build-to-rent construction sector
- Skilled migrants and businesses reliant on them
Losers
- Businesses who attempt to dodge superannuation guarantee liabilities
- Tax-dodgers
- Government consultants
- High-balance superannuation members
- Big gas companies
