Fri. May 24th, 2024

Federal budget by the numbers: The key figures to know

Tyler Mitchell By Tyler Mitchell May15,2024
Treasurer Jim Chalmers has handed down the 2024-25 federal budget.
The budget is set to deliver a $9.3 billion surplus for this financial year — the Albanese government’s second in a row.
But that’s expected to be followed by double-digit deficits for the next four years.

These are the key spending figures to know.

$3.5 billion

That’s how much the government is putting towards providing households and some small businesses with an energy bill rebate.
From 1 July 2023, will be automatically applied to every Australian household’s electricity bills.

Around a million small businesses will receive $325 off their bills over the 2024-25 financial year.

$1.9 billion

That’s how much the government has allocated over five years to lift the maximum rates of Rent Assistance payments by a further 10 per cent.
It comes on top of the 15 per cent announced last September.

The change would mean an increase in the maximum Rent Assistance payment for single parents or couples with one or two children by more than $70 a fortnight.

$11.3 billion

That’s how much the government’s budgeted for its Homes for Australian plan, as it works to deliver its promise of 1.2 million new homes by 2030.
Some $9.3 billion will be spent on a new five-year national agreement on social housing and homelessness.
About $1 billion will be directed towards crisis and transitional accommodation for women and children escaping domestic violence and young people.

Another $1 billion will go to states and territories to build the roads, sewers, energy, water and other infrastructure needed for new private and social housing developments.

$925 million

That’s how much the government will be investing over five years .
The program will provide people fleeing domestic and family violence with up to $5,000 in financial support — an upfront cash payment of $1,500 and $3,500 on a pre-paid card for goods and services.

They will also receive access to referral services, risk assessments and safety planning.

$3 billion

That’s how much student debt is expected to be wiped out for more than three million Australians .
Indexation will be capped to match either the Consumer Price Index (CPI) or Wage Price Index (WPI) — whichever is lower — after Australians were hit with a student debt increase of 7.1 per cent last year.

The changes will be backdated to apply from 1 June 2023, with all debts to receive an indexation credit.

$1.3 billion

That’s how much the government’s are set to cost.
The reworked version of the cuts will provide more money to those on low and middle incomes, in an effort to reduce .
A person earning an average wage of $73,000 will get a tax cut of more than $1,500 a year.

This will cost $1.3 billion over five years from 2023-24.

$2.8 billion

Medicare will be “strengthened” according to the government, which includes the development of 29 Medicare Urgent Care Clinics, bringing the total in the country to 87.
Some $888 million will go on a mental health package, including a digital service for people suffering from mental health issues. The government estimates 150,000 people will make use of this service every year.

Just over $49 million will go towards giving women and those assigned female at birth access to longer specialist consultations and higher Medicare rebates for gynaecological care.

$55.68 billion

More than 2 per cent of Australia’s gross domestic product will be spent on defence in the next financial year, including nuclear-powered submarines as part of the AUKUS defence pact and training workers to use them.

The Australian Submarine Agency, which will manage the nuclear submarine program, will cost taxpayers $383 million from 1 July.

$27 million

Services for refugees and migrants have been given funding as part of the budget.
The government has put aside $27 million in refugee and migrant funding over three years towards youth support, specialised services for women experiencing domestic violence and settlement support for Afghan humanitarian visa holders.

An additional $900,000 will go towards families and individuals affected by the Israel-Hamas war in 2024/25, with monetary aid available for those in hardship and an extension of Medicare eligibility for those on E-class bridging visas.

$5 million

The Great Barrier Reef has been provided millions in funding for its marine park authority to engage tourism operators undertaking reef monitoring, protection and other stewardship activities.
The government has been fighting to keep the reef off the list of World Heritage sites in danger, as evidence of bleaching across three-quarters of the ecosystem was found in April.

– Additional reporting by the Australian Associated Press

Tyler Mitchell

By Tyler Mitchell

Tyler is a renowned journalist with years of experience covering a wide range of topics including politics, entertainment, and technology. His insightful analysis and compelling storytelling have made him a trusted source for breaking news and expert commentary.

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One thought on “Federal budget by the numbers: The key figures to know”
  1. As an advocate for affordable housing, I believe the government’s allocation of $11.3 billion towards its Homes for Australian plan is a step in the right direction. It’s crucial to address the growing housing crisis and provide support for vulnerable groups like women, children, and those escaping domestic violence. The increase in Rent Assistance payments is also commendable, as it can make a significant difference in the lives of single parents and families. However, the projected double-digit deficits in the coming years raise concerns about long-term financial sustainability.

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