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Economics update | 12 May 2023
12 May 2023
2023-24 Federal Budget
Treasurer Jim Chalmers delivered the 2023-24 federal budget on Tuesday night.
The budget papers and factsheets on some of the key policy initiative can be found on the Treasury website.
As in previous years, ACCI attended the budget lockup, providing members with a media release and overview of the economic situation and key measure included in the budget.
Overall, the government has produced credible budget in the current circumstances of high inflation, a slowing economy and high levels of government debt. However, the budget’s focus was on a range of short-term measures to deal with cost of living relief for households. There is little in the budget for business, particularly to reduce the cost of doing business. The government has little appetite for long-term reforms needed to address the structural deficit, reduce government debt (which is expected to reach over $1 trillion by 2025-26), and grow the economy over the long term.
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