Budget good, but more needed: business

Peak business groups have hailed the Albanese government’s first budget as careful and cautious, but warn hard work lies ahead to shore up the economy. Business Council chief Jennifer Westacott said the Labor economic blueprint made the necessary first steps to...[Read More]

Treasury 2022/23: Four year budget economic forecasts

Economic growth over the four years to 2025/26 is likely to be slower than predicted ahead of the May federal election, due to global challenges, high inflation and higher interest rates. KEY ECONOMIC FORECASTS IN 2022/23 BUDGET GDP (real, versus coalition March...[Read More]

Billions set aside for aged care reforms

Long-awaited aged care reforms are set to be delivered thanks to a multi-billion dollar boost. The federal budget shows $2.5 billion will be spent over the next four years to ensure all aged care facilities have a registered nurse onsite around the clock. The funding,...[Read More]

Treasury to report on wellbeing progress

Australians will soon be able to see in fine detail how the nation is making progress on everything from women’s safety to a cleaner environment. Treasury is working on a report – to be known as the Measuring What Matters Statement – which will be released in...[Read More]

Federal budget shows 3.75pct jobless rate

Forecasts for the unemployment rate have been slashed in the federal budget to levels not seen since the early 1970s. Treasurer Josh Frydenberg will hand down his fourth budget on Tuesday predicting an unemployment rate falling to 3.75 per cent later this year, the...[Read More]

What we know so far about federal budget

FEDERAL BUDGET – WHAT WE KNOW SO FAR: THE BIG PICTURE * With the COVID-19 pandemic, flooding and Ukraine-Russia war creating headwinds, Treasurer Josh Frydenberg is emphasising the theme “economic strength is the foundation of national security”. *...[Read More]

No great secret in balancing budget: PM

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Scott Morrison has reminded Australians of his economic credentials, saying he was the treasurer that brought the budget back into balance by increasing...[Read More]

Treasurer to lift growth in budget review

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Treasurer Josh Frydenberg says the government’s forecast for economic growth next year will be stronger then predicted in the May budget when he hands down his mid-year...[Read More]

Mid-year budget review Dec 16: Treasurer

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Treasurer Josh Frydenberg has confirmed he will hand down the mid-year budget review on December 16. He said the mid-year economic and fiscal outlook will show the budget is...[Read More]

Business gives big budget spend thumbs up

Adam Bennett and Colin Brinsden (Australian Associated Press)   Businesses will be the engine room for Australia’s recovery from the coronavirus recession, with Josh Frydenberg declaring a sustainable recovery requires a strong private sector. The treasurer...[Read More]

Federal budget 2021/22 at a glance

Paul Osborne (Australian Associated Press)   THE FEDERAL BUDGET AT A GLANCE KEY FORECASTS Budget deficit of $106.6 billion for 2021/22 (5 per cent of GDP) Economic growth to rise by 4.25 per cent in 2021/22 Unemployment to average 5 per cent Inflation to average...[Read More]

Treasury confident about borrowing task

(Australian Associated Press)   The federal government plans to issue even more debt in the years ahead to pay for its budget deficits, but it won’t be short of buyers. Australia broke records during the coronavirus pandemic when it sold the biggest amount...[Read More]

Multi-billion dollar mental health boost

Daniel McCulloch (Australian Associated Press)   Australians in need of mental health support are set to benefit from a $2.3 billion package included in the federal budget. The new funding will be spent over the next four years, adding to major commitments already...[Read More]

Who are the budget winners and losers?

Paul Osborne (Australian Associated Press)   WINNERS AND LOSERS IN THE 2021/22 BUDGET WINNERS Small Business – Incentives to innovate and grow Taxpayers – Extended relief for low and middle income earners Elderly – More home care packages and a...[Read More]

A summary of the 2021/22 federal budget

Paul Osborne (Australian Associated Press)   A SUMMARY OF THE 2021 FEDERAL BUDGET ECONOMY * Budget deficit of $106.6 billion in 2021/22 * Deficit narrows to $99.3 billion in 2022/23, $79.5 billion in 2023/24 and $57 billion in 2024/25 * Commonwealth net debt to...[Read More]

Record $17.7b to improve aged care system

Rebecca Gredley (Australian Associated Press)   A record $17.7 billion will go toward improving Australia’s aged care system in response to a damning royal commission into the sector, which heard harrowing tales of abuse and neglect. The Morrison government...[Read More]

Jobs plan for cashless welfare card sites

Rebecca Gredley (Australian Associated Press)   Some welfare recipients on the cashless debit card system will get extra support to find work through a federal budget measure. Tuesday’s budget reveals a $30 million package to upskill people at the first four...[Read More]

Budget must help women into work: business

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   The Morrison government is under pressure to revamp the child care system in next month’s budget to make it easier for women to get back into work. Big business, Labor...[Read More]

Budget outlook already improving: Deloitte

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   It’s only been a couple of months since Treasurer Josh Frydenberg handed down his deficit-laden 2020/21 federal budget but already Australia’s fiscal position is...[Read More]

Budget has been a shot in the arm: PM

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Prime Minister Scott Morrison says consumer confidence readings show last week’s federal budget has given the country a much-needed shot in the arm. The latest...[Read More]