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Budget 2023: what you need to know and what it all entails at a glance

Treasurer Jim Chalmers has submitted his second budget with a strong focus on cost-of-living relief for Australians struggling due to continued high inflation and rising interest rates.

While Chalmers says the economy should continue to create jobs and unemployment is expected to remain at historic lows, inflation remains the main economic concern.

Chalmers says the budget is intended to provide relief to Australians while preventing inflationary pressures from building up (although some economists have expressed doubts about the possibility of doing so).

The clear highlight of this budget is the government’s $14.6 billion cost-of-living spending plan, which includes some of the key measures listed below.

The government also forecasts a “small surplus” of $4.2 billion in this financial year, the first time in 15 years that it has been in the black. However, this is expected to be followed by a $13.9 billion shortfall in 2023-2024 – and projected shortfalls for the next three years.

Here are five charts to show how the current budget fits with historical economic trends and other economic indicators.

This is followed by a breakdown of notable spending and budget cuts across specific portfolios.

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Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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