{"id":113745,"date":"2023-05-11T17:24:16","date_gmt":"2023-05-11T17:24:16","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=113745"},"modified":"2023-05-11T17:28:22","modified_gmt":"2023-05-11T17:28:22","slug":"the-five-minute-budget-everything-you-need-to-know","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/the-five-minute-budget-everything-you-need-to-know\/","title":{"rendered":"The five-minute budget: Everything you need to know"},"content":{"rendered":"<h2 class=\"_1jo-A _1AsGk\" style=\"text-align: center;\" data-testid=\"headline\"><span style=\"font-size: 24px; color: #000000;\">The five-minute budget: Everything you need to know<\/span><\/h2>\n<p><a href=\"https:\/\/www.theage.com.au\/politics\/federal\/the-five-minute-budget-everything-you-need-to-know-20230509-p5d70j.html\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-49618 size-full\" src=\"https:\/\/static.ffx.io\/images\/$zoom_0.7875%2C$multiply_1.0582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0\/t_crop_custom\/q_86%2Cf_auto\/5d41b291675945e7917310fe560df274747e88b3\" alt=\"elanka\" width=\"600\" height=\"341\" \/><\/a><\/p>\n<p><strong><span style=\"font-size: 16px; color: #800080;\">Source:<\/span><\/strong><span style=\"color: #000000;\"><a style=\"color: #000000; font-size: 16px;\" href=\"https:\/\/www.theage.com.au\/politics\/federal\/the-five-minute-budget-everything-you-need-to-know-20230509-p5d70j.html\" target=\"_blank\" rel=\"noopener noreferrer\">Theage<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Here is your quick guide to the measures in this year\u2019s budget that will affect you most.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Economy<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\">Treasury is warning global economic growth will drop to its weakest level in more than two decades, due largely to higher interest rates. This will hit Australia, as real\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.theage.com.au\/link\/follow-20170101-p5d5ko\">GDP growth drops from 3.25 per cent<\/a>\u00a0this year to 1.5 per cent in 2023-24 before recovering to 2.25 per cent the following year.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">The unemployment rate is expected to rise from a near-record low of 3.5 per cent to 4.25 per cent next year, then hover in the mid-four per cent range for a few years.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">Consumer price growth is forecast to fall from 6 per cent this year to just over 3 per cent next year and then back into the Reserve Bank\u2019s 2-3 per cent target band.<\/span><\/li>\n<li>\n<ul>\n<li><span style=\"font-size: 16px; color: #000000;\">Over the same period, wages growth is expected to rise from 3.75 per cent to 4 per cent, before stabilising at about 3.5 per cent. It is expected to outstrip inflation from 2023-24 for the first time in many years.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 16px; color: #000000;\"><strong><em>What you should know<\/em>:<\/strong>\u00a0The scourge of inflation is finally set to ease as high interest rates curtail spending. The government claims its cost-of-living relief measures will reduce inflation by a quarter of a percentage point, but some economists have cast doubt on this claim, which will be key to the government\u2019s economic narrative. The economy will slow markedly, but unemployment shouldn\u2019t rise dramatically.<\/span><\/li>\n<li><!--more--><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><iframe loading=\"lazy\" title=\"Budget 2023: Who are the winners and losers?\" src=\"https:\/\/www.youtube.com\/embed\/c_THsCNNYGE\" width=\"620\" height=\"378\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Debt and deficit<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\">The government expects to deliver a surplus of $4.2 billion this financial year \u2013 the first time a federal government has spent less than it has raised in more than 15 years. This is a $41 billion turnaround from the government\u2019s October predictions.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">However, deficits will return from next financial year. The 2023-24 deficit is expected to be $14 billion before increasing for two years into the mid-30s then narrowing to $28.5 billion in 2026-27.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">Over five years, the cumulative deficit is expected to be $126 billion better than previously forecast; of this amount, $114 billion is from more people paying income tax and resource companies paying tax on record commodity profits.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong><em>What you should know<\/em>:<\/strong>\u00a0The first surplus since the Howard government is the stuff of Labor dreams. The Coalition will argue the turnaround was driven by higher revenue from high commodity prices, but Labor will hammer home the fact that it banked nearly 90 per cent of the revenue rises. Deficits in future years are much smaller than expected, meaning future surpluses could be secured if the government chooses to wind back controversial income tax cuts or tax concessions.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Cost of living<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\">Vulnerable Australians will receive\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.theage.com.au\/link\/follow-20170101-p5d5kc\">rebates on their energy bills<\/a>\u00a0worth up to $500, with the $3 billion cost jointly funded with state and territory governments.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">Nearly $5 billion will be spent over five years increasing the rate of JobSeeker \u2013 for people of all ages \u2013 and Youth Allowance by $40 a fortnight from September. A higher rate of JobSeeker, currently available for people aged over 60, will also be made available for over-55s, who find it more difficult to break into the job market.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">About $2 billion will be spent over five years expanding access to the single parent welfare benefit until a recipient\u2019s youngest child turns 14. Nearly 60,000 parents, who can currently claim the payment only until their child turns eight, will claim the extra money from September.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.theage.com.au\/politics\/federal\/the-five-minute-budget-everything-you-need-to-know-20230509-p5d70j.html\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-49618 size-full\" src=\"https:\/\/static.ffx.io\/images\/$zoom_0.342%2C$multiply_1.0582%2C$ratio_1.5%2C$width_756%2C$x_364%2C$y_93\/t_crop_custom\/q_86%2Cf_auto\/a9ab4f4590a66d6bd75060156dc4a57d67180b22\" alt=\"elanka\" width=\"600\" height=\"341\" \/><\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The government claims its cost-of-living relief measures will reduce inflation, but some economists have cast doubt on this claim.<cite><span class=\"_30VLu\">CREDIT:<\/span>PENNY STEPHENS<\/cite><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong><em>What you should know<\/em>:<\/strong>\u00a0A modest, across-the-board rise in unemployment benefits has been announced after sharp criticism of mooted plans to grant a rise only to older Australians. After commodity prices massively boosted the budget bottom line, expect the Greens and others to accuse Labor of depriving the most needy.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Health<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\">The government will spend about $3.5 billion over five years\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.theage.com.au\/link\/follow-20170101-p5d5l5\">increasing the money paid to doctors<\/a>\u00a0\u2013 by $20 in cities and $40 in regions \u2013 who bulk-bill, the rate of which has sharply declined.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">Going to the pharmacist will be made cheaper by allowing people to buy two months\u2019 worth of medicine for the price of a one-month prescription. The government says this will save consumers $1.6 billion and free up GP appointments. The government will reinvest $1.2 billion into pharmacies as part of the deal, allowing them to administer vaccines free of charge and doubling incentives for regional pharmacies.<\/span><\/li>\n<li>\n<div class=\"_1665V _169fS _2IOn6\" data-testid=\"body-content\">\n<ul>\n<li><span style=\"font-size: 16px; color: #000000;\">Nearly $250 million will be spent clamping down on the black market for vapes and rolling out a new anti-smoking campaign.<\/span><\/li>\n<\/ul>\n<\/div>\n<div class=\"_1KKxV\"><\/div>\n<div class=\"_1665V _169fS _2IOn6\" data-testid=\"body-content\">\n<p><span style=\"font-size: 16px; color: #000000;\"><strong><em>What you should know<\/em>:<\/strong>\u00a0State premiers have used their pulpits to pressure the federal government to spend big on fixing Australia\u2019s broken primary healthcare network. A large increase in spending to encourage bulk-billing was one of the key demands of doctors\u2019 groups and some states.<\/span><\/p>\n<\/div>\n<p>&nbsp;<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Climate and energy<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.theage.com.au\/link\/follow-20170101-p5d70b\">Hydrogen Headstart<\/a>, a $2 billion policy to support large-scale hydrogen production contracts, will help make it easier for projects to get off the ground. The government hopes a gigawatt of electrolyser capacity will be created, allowing Australia to take advantage of the emerging technology.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">About $1.3 billion will be invested in the Household Energy Upgrades Fund to partner with banks and other lenders on upgrading homes with solar panels, modern appliances and other energy-efficient improvements.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">A new body, the Net Zero Authority, will be established with a $400 million investment to help workers, industries and communities are supported through any disruption caused by phasing out fossil fuels.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.theage.com.au\/politics\/federal\/the-five-minute-budget-everything-you-need-to-know-20230509-p5d70j.html\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-49618 size-full\" src=\"https:\/\/static.ffx.io\/images\/$zoom_0.302%2C$multiply_1.0582%2C$ratio_1.5%2C$width_756%2C$x_81%2C$y_99\/t_crop_custom\/q_86%2Cf_auto\/fbf9f37a1738bbb8a69fe775c69cd5762c5568d5\" alt=\"elanka\" width=\"600\" height=\"341\" \/><\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Vulnerable Australians will receive rebates on their energy bills worth up to $500, with the $3 billion cost jointly funded with state and territory governments.<cite><span class=\"_30VLu\">CREDIT:<\/span>LUIS ENRIQUE ASCUI<\/cite><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong><em>What you should know<\/em>:<\/strong>\u00a0Significant new spending on climate measures<strong>\u00a0<\/strong>\u2013 a key plank in the government\u2019s political agenda that differentiates it from the Coalition and helps stimulate growth in future industries.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Housing<\/strong><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\">The government will increase rent assistance by 15 per cent for more than a million Australians at a cost of $2.7 billion over five years.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">Another $2 billion will be unlocked for spending on social and affordable housing by increasing the guaranteed liabilities of the National Housing Finance and Investment Corporation.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">The First Home Guarantee will be expanded to any two eligible borrowers, rather than only spouses or de facto partners.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong><em>What you should know<\/em>:<\/strong>\u00a0The government\u2019s major policy to drive investment in social housing is deadlocked in a Senate standoff with the Greens. Rental assistance will be welcomed by advocates, but a minor expansion of a first home buyers\u2019 scheme is unlikely to make a dramatic difference to housing affordability.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Defence<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\">Nearly $20 billion will be spent over the next four years implementing the aims of the Defence Strategic Review.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">This includes $9 billion for the AUKUS nuclear-powered submarine program, $4.1 billion for long-range strike capabilities, $3.8 billion for defence bases in Australia\u2019s north, and $400 million for bonuses to attract defence personnel.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">Over the next decade, $3.4 billion will be spent to establish the Advanced Strategic Capabilities Accelerator to drive innovation in Australian defence technologies to try and match strategic rivals.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.theage.com.au\/politics\/federal\/the-five-minute-budget-everything-you-need-to-know-20230509-p5d70j.html\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-49618 size-full\" src=\"https:\/\/static.ffx.io\/images\/$zoom_0.143%2C$multiply_1.6402%2C$ratio_1%2C$width_378%2C$x_117%2C$y_0\/t_crop_custom\/q_86%2Cf_auto\/4451601dee68bf0e7990f972190547342d7be667\" alt=\"elanka\" width=\"600\" height=\"341\" \/><\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong><em>What you should know<\/em>:<\/strong>\u00a0The Defence Strategic Review recommended a sweeping overhaul of the nation\u2019s military in response to challenges in the region (read: the rise of China), but the government has been restrained in terms of new spending promises. Too restrained, according to defence experts. Defence spending is growing along its previous trajectory but will begin to balloon in coming decades as the AUKUS submarine program ramps up.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Infrastructure<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\">The Coalition\u2019s use of grants has been a frequent target of political attacks by Labor. The government will create a $200 million Thriving Suburbs Program to hand out \u201cmerit-based and locally driven grants that address shortfalls in priority community infrastructure\u201d. It will form part of a new National Urban Policy to address the needs of our major cities.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">$200 million for the Major Projects Business Case to work on the development of future transport projects.<\/span><\/li>\n<li><span style=\"font-size: 16px; color: #000000;\">Up to $1 billion in additional funding for smaller upgrades or new facilities for the Brisbane Olympics, on top of the $2.5 billion already committed over 10 years, including for an upgrade to the Gabba. About $240 million will be invested in a new Hobart stadium, where an AFL team will be based.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong><em>What you should know<\/em>:<\/strong>\u00a0The government has launched a snap review of its entire infrastructure pipeline, which it says blew out under the Coalition. While some overspending was no doubt due to poor planning, major road and rail projects are facing cost pressures including from overseas supply shocks. Deals with the Queensland government to fund the Olympics, which Labor says the Morrison government failed to properly fund, are proving costly.<\/span><\/p>\n<p style=\"text-align: justify;\"><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/Wlq_Xl7k-Sk\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The five-minute budget: Everything you need to know Source:Theage Here is your quick guide to the measures in this year\u2019s budget that will affect you most. Economy Treasury is warning global economic growth will drop to its weakest level in more than two decades, due largely to higher interest rates. This will hit Australia, as [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":113746,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20],"tags":[52690],"class_list":{"0":"post-113745","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"tag-the-five-minute-budget","9":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The five-minute budget: Everything you need to know<\/title>\n<meta name=\"description\" content=\"The government claims its cost-of-living relief measures will reduce inflation, but some economists have cast doubt on this claim.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta 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