The 2023-24 Budget Snapshot
The 2023‑24 Budget plans to deal with immediate challenges faced by Australians and to lay the foundations for a stronger and better future. A budget surplus is forecasted for 2023-24 and the key budget initiatives include delivering targeted cost-of-living relief, investing in securing a stronger economy, strengthening Medicare, and broadening opportunities.
2023-24 Budget Snapshot
Housing
$2.7 billion over 5 years to increase the Commonwealth Rent Assistance by 15%. Around 1.1 million households are expected to benefit.
Expanding the eligibility criteria for the Home Guarantee Scheme.
A $2 billion increase towards the National Housing Finance and Investment Corporation to support more social and affordable housing.
Renewable Energy
Investing a further $4 billion towards Australia's plan in becoming a renewable energy superpower.
$2 billion towards Hydrogen Headstart to support hydrogen production.
$10 billion for renewable generation and storage by funding Capacity Investment Scheme's initial auctions.
These investments towards becoming a renewable energy superpower total to more than $40 billion.
Infrastructure
$3.4 billion over 10 years to provide venue infrastructure for the Brisbane 2032 Olympic and Paralympic Games.
$159.7 million towards the Urban Precincts and Partnerships Program.
Investing $211.7 million towards the Thriving Suburbs Program to enhance liveability in suburban communities.
Medicine
Investing $5.7 billion over 5 years to strengthen Medicare.
Tripling bulk billing incentives by investing $3.5 billion to make it easier and cheaper to visit a doctor.
Other
Providing cost of living relief that is affordable, delivering up to $3 billion towards electricity bill relief from July 2023.
$11.3 billion to support an interim wage increase for aged care workers. This decision will benefit over 250,000 workers.
Investing $1.9 billion over 5 years to support eligible single parents.
Delivering cheaper childcare which will see around 1.2 million families pay less for childcare.
$1.9 billion over 5 years to improve lives and economic opportunities for Aboriginal and Torres Strait Islander people.