The 2023 Federal Budget aimed at responsible spending in an uncertain global economy. Jim Chalmers, the Treasurer, described it as a balancing act between relief, repair, and restraint. Families were struggling due to inflation, but stimulus packages were limited due to the uncertain global economy and low growth. The winners of the budget include welfare recipients, with a $40-a-fortnight increase in JobSeeker payments. Over-55s will receive an even larger increase, aligning them with the rate given to over-60s. Single parents will also benefit with a $176.90 per fortnight increase in the parenting payment scheme. Aged care workers will receive a 15% pay rise, amounting to $10,000 per year for some. Young carers will see an increase in funding from $3000 to $3768 through the Young Carer Bursary Program. First home buyers will have more opportunities with expanded criteria under the first home guarantee program. Losers include multinationals, who will be subject to a global minimum tax of at least 15% from 2024. Smokers and vapers will face higher taxes on tobacco, along with stricter regulations on vaping. Individuals with more than $3 million in superannuation balances will have tighter tax concessions. Additionally, Australians earning less than $126,000 will no longer receive the low- and middle-income tax offset, resulting in smaller tax returns.
Who Benefited and Who Faced Setbacks in the Federal Budget of 2023
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