Sat. May 25th, 2024

The Australian budget is big. Let’s break it down

Tyler Mitchell By Tyler Mitchell May21,2024
More than $734 billion of spending has been laid out in the 2024 federal budget, covering everything from Medicare to defence.
Treasurer Jim Chalmers spoke of cost of living and tax cuts in his Tuesday night speech, but the budget papers reveal more detail about where the money is coming from and where it is going.

If the money being spent by the federal government were $100, here’s how it would break down.

Where the budget money is spent

A chart showing where budget spending is going

This is where the budget spending is going

Of the total $100 being spent in the budget, social security and welfare account for more than $36, health is $15.34 and education $7.22.

There is around $41 left, with defence getting $6.53, fuel and energy – including the bill relief payment – is $2.73, and the cost of interest on public debt accounts for $3.28.

Comparing some of the bigger expenses: the National Disability Insurance Scheme costs $6.63 of the $100, Aged Care Services and Support for Seniors programs are $13.31 combined, and medical benefits are worth $4.35.

Where the money comes in

These are the sources of money for the government

These are the sources of money for the government

If the money coming into the Treasury were $100, most of it comes directly from the pockets of Australians with $48.33 estimated to come in from individual and other withholding taxes.

Company tax accounts for just over $20, and $12.39 coming from Goods and Services Tax.
Some $3.64 comes from tax on petrol, diesel and other fuels, $1.52 on tobacco and 86 cents from duty on beer and spirits.

Only 48 cents in the $100 comes from visa application charges.

Government spending and income in charts

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 “The Australian budget is big. Let’s break it down”
  1. It’s remarkable to see the breakdown of the Australian federal budget. Social security and welfare taking up over a third of the spending shows the government’s focus on supporting citizens in need. As for the revenue sources, it’s interesting to note the significant portion coming from individual taxes, highlighting the contributions of Australian taxpayers.

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