THE HON JIM CHALMERS MP TREASURER MEMBER FOR RANKIN
SENATOR THE HON KATY GALLAGHER MINISTER FOR FINANCE MINISTER FOR WOMEN MINISTER FOR THE PUBLIC SERVICE SENATOR FOR THE AUSTRALIAN CAPITAL TERRITORY
A RESPONSIBLE BUDGET IN UNCERTAIN TIMES
The 2023-24 Budget continues the Albanese Government's work to strengthen the nation's finances while laying the foundations for a stronger, fairer and more resilient economy into the future.
The Budget forecasts a small budget surplus in 2022-23, ahead of most major advanced economies, and lower deficits and debt over each year of the forward estimates compared with the October Budget.
The Government is: • Returning 82 per cent of revenue upgrades to the bottom line in this Budget, with 87 per cent across both Budgets. • Making a further 40 billion across both Budgets. • Limiting annual growth in real payments to 0.6 per cent on average over the 5 years to 2026-27. The forecast surplus in 2022-23 of 77.9 billion deficit we inherited from the previous Government.
The Budget forecasts a deficit of 42.6 billion since we came to Government.
Gross debt as a share of the economy is now expected to peak lower at 36.5 per cent of GDP in 2025-26, where it will be 300 billion by 2033-34, saving $83 billion in interest costs over the 12 years to 2033-34.
This approach is delivering a stronger and more sustainable fiscal position and has been achieved while also providing responsible cost of living relief, investing in a stronger and more secure economy, and funding the critical services Australians rely on.
The Albanese Government's responsible budget plan is improving the strength and sustainability of the nation's finances and building stronger foundations for a better future.
