Treasurer Jim Chalmers will hand down his third federal budget tonight, but the government has been steadily drip-feeding key announcements for weeks. Here's everything we already know about what's inside.
Treasurer Jim Chalmers will hand down his third budget on Tuesday night, but has been tempering expectations for weeks in the lead-up, warning Australia ns not to expect a "cash splash".
For what it's worth, RBA governor Michele Bullock wasn't too concerned about the upcoming budget last Tuesday, saying sheThe reworked stage 3 tax cuts form the centrepiece of the government's budget. They were announced in January, legislated in February and come into effect on July 1. Universities will also be required to stop a surge in the number of international students, as part of the government's broader plans to cut annual migration levels back to 260,000 a year —
It's estimated the government will be putting roughly $11.3 billion towards housing, as the government works to deliver its promised 1.2 million new homes by 2030.Billions more will be committed to building new homes in next week's federal budget, as the government chases a promise to build 1.2 million by the end of the decade.
Overall, the funding announcements for housing build on the $25 billion already committed to new housing investments, with $10 billion of that in the Housing Australia Future Fund, which is designed to help build 30,000 social and affordable rental homes. In other words, the government is putting serious taxpayer money towards supporting local industry and innovation, especially in the renewable energy space.Renascor Resources' Siviour Graphite Project in South Australia
As for aged care, the government hasn't announced anything specific for the sector, nor has it outlined its response to the Aged Care Taskforce report that was delivered in March. The program will provide eligible victim-survivors with an individualised support package of up to $1,500 in cash and up to $3,500 in goods and services, plus safety planning, risk assessment and referrals to other essential services for up to 12 weeks.
A slew of funding commitments have been made around the country, including a $1.9 billion funding commitment for upgrades in Western Sydney, ranging from road improvements to planning projects and train line extensions.
Budget Federal Budget Federal Budget 2024 Jim Chalmers Treasurer Treasury Hecs Anthony Albanese Surplus Deficit Tax Stage 3 Tax Cuts Inflation Interest Rates Cost Of Living
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