A surplus is forecast for the 2023–24 financial year, before the budget balance returns to deficit in 2024–25 and beyond. Although a surplus of $9.3 billion in 2023–24 is now expected – revised up from a $1.1 billion deficit forecast just six months ago – the budget bottom line is forecast to be a cumulative $13.9 billion worse off over the four years to 2026–27.
The Budget centred on providing cost-of-living relief and investing in the Future Made in Australia Act to support medium-term economic growth. The result is a relatively large increase in government spending over the next four years, potentially putting further upward pressure on inflation.
1. A range of measures designed to ease cost-of-living pressures
Measures announced prior to budget night:
Measures announced on budget night:
2. Highlights of the Future Made in Australia Act
The Government unveiled plans to spend $22.7 billion over the next decade on initiatives like:
Download the Federal Budget Tax Report 2024-25: