Budget 2023

10 May 2023

The Albanese Labor Government has delivered the 2023-24 Budget – which continues to build on the positive change that Australians voted for last year.

Australians are battling cost-of-living pressures on the back of persistent inflation, higher interest rates, and global uncertainty. This Budget tackles our immediate economic challenges, helps ease pressure on households, secures the essential services people rely on and lays the foundations for future growth. 

We’re providing energy price relief for 5 million households and 1 million small businesses - including more than 56,000 ACT households and over 17,000 small businesses which will be eligible for Energy Price Relief Rebates from July 1.

Access to bulk-billing doctors will be improved by investing $5.7 billion to strengthen Medicare. More than 157,000 ACT residents will save money when visiting the GP through the Government’s tripling of the bulk-billing incentive - the largest investment in bulk-billing in the history of Medicare.

Aged care workers will get a well-deserved pay rise - including more than 5000 Canberra workers who will benefit from the Government’s decision to fund a 15% increase to aged care minimum wages.

We will deliver cheaper medicines - including for nearly 100,000 ACT residents who will pay up to $180 per year less to access to the medicines they need under the government’s changes to enable 60-day dispensing for hundreds of medicines. 

We’re supporting 57,000 single parents by expanding eligibility for Parenting Payment (Single), increasing Commonwealth Rent Assistance for 1.1 million households, and delivering a modest increase to the base rate for JobSeeker and other payments for 1.1 million people.

After a decade of Coalition cuts and ideological attacks, this Budget delivers for Canberra and invests in our city to grow and prosper into the future.

Our cultural institutions attract thousands of visitors to Canberra each year, with flow on benefits for Canberra businesses and jobs. 
This Budget will invest in the national capital by providing;

  • $535.3 million to secure the future of Australia’s most cherished cultural and historical institutions and restore them as a source of national pride.
  • $60 million to help Questacon carry out property upgrades so it can continue to bring science to life and inspire the next generation of Australian children. 
  • $33 million over four years to fix the funding cliff of the previous Government and secure the long-term future of the National Library’s Trove. 
  • Investing in the Australian Public Service to continue the job of rebuilding the service after ten years of neglect under the former Coalition government.
  • More students from the bush and disadvantaged areas will get the chance to visit the nation’s capital through additional rebates. And for the first time schools within 150km, including Canberra schools, will also receive assistance to visit Parliament and our other brilliant national institutions.

Finally, my thanks to the Treasurer Jim Chalmers, Finance Minister Katy Gallagher, and, importantly, all of the Commonwealth public servants who have worked tirelessly to prepare the 2023 Federal Budget.

As a former employee at the Treasury department, I know firsthand the hard work and dedication that goes into developing a Budget. It requires long hours, attention to detail, and a deep understanding of the needs of our nation and its people. 

This year's Budget is no exception. It is a testament to the commitment and expertise of those who have worked on it, and it reflects the values and priorities of our Government.

We know that households are feeling the pressure. We know there is a lot of work to do. We’re getting on with the job.