Federal budget 2023: Winners and Losers
1 year, 7 months ago

Federal budget 2023: Winners and Losers

ABC  

Treasurer Jim Chalmers has handed down his second budget, which looks good for the government, but what is in it for you? Winner: Arts The federal government is committing $286 million over five years to support the arts, most of which will fund Creative Australia to deliver the government's arts program and establish four new arts bodies: a First Nations-led body, Music Australia, Writers Australia and Creative Workplaces. Winner: Defence Defence spending was already set to rise, but the federal government has added north of $11 billion more to the defence spend over the next four years as Australia's military undergoes its largest posture shift in decades. It will receive about $470 million over the next four years to "modernise" the agency, and an extra $185 million per year ongoing. From the 2025 financial year future earnings on super balances over $3 million will be taxed at a 30 per cent rate, which the government expects to affect about 80,000 people.

Health Support Tax Budget National Funding Commonwealth Winner Small Businesses Treasury Pacific Single Parents Young People Billion Million Federal Cent Five Years That Money Four Years Next Year This Budget Three Years First Nations Additional No Change Federal Budget Jobseeker Over Four Years  tax  additional  cent  2023  losers  support  winners  national  federal  million  funding  budget  billion

History of this topic

Putin earmarks 32% of Budget 2025 for Russia’s defence. Is he preparing for 4th year of Ukraine war?
3 weeks, 1 day ago

Putin earmarks 32% of Budget 2025 for Russia’s defence. Is he preparing for 4th year of Ukraine war?

Firstpost  

At a time when the Russian military is making continuous gains in the war on Ukraine, President Vladimir Putin has approved the largest-ever defence budget with a 22% annual hike As the war on Ukraine has entered a decisive phase, Russian President Vladimir Putin has approved the highest-ever defence budget for the next three years. The record budget with a …

Putin approves record defense spending — a third of Russia’s budget
3 weeks, 2 days ago

Putin approves record defense spending — a third of Russia’s budget

CNN  

CNN — Russian President Vladimir Putin has approved a record-breaking defense budget, setting aside a staggering third of the government’s total spending as the war in Ukraine drains resources from both sides nearly three years on. Scholz’s visit came after he rankled Ukrainian officials last month by calling Vladimir Putin, ending a years-long European effort to isolate the Russian president …

Russia-Ukraine war: EU pledges $19 bn for outgunned and outspent Kyiv
3 weeks, 5 days ago

Russia-Ukraine war: EU pledges $19 bn for outgunned and outspent Kyiv

Firstpost  

The aid comes at a critical time for Ukraine as questions grow about the future of US assistance when Donald Trump returns to power The European Union on Thursday confirmed it will provide Ukraine with €18.1 billion as part of a larger $50 billion Group of Seven loan aimed at supporting Kyiv amid its fight against Russia’s invasion. Uncertainty over …

Russian lawmakers give final nod on record military funding boost
4 weeks ago

Russian lawmakers give final nod on record military funding boost

Al Jazeera  

Massive increase in spending builds on last year’s record, as Moscow maintains war on Ukraine, confrontation with West. Lawmakers in Russia’s upper house have given final parliamentary approval to a plan to boost military spending by almost 30 percent next year. That is about 3 trillion rubles more than was apportioned for this year, which itself represented a post-Cold War …

Federal budget to haul in extra cash once again, but less than in previous years
7 months, 2 weeks ago

Federal budget to haul in extra cash once again, but less than in previous years

ABC  

Next week's federal budget will once again collect more in tax than expected, raking in an extra $25 billion over the five-year budget forecasting period. The windfall is smaller than in the past six updates, prompting Treasurer Jim Chalmers to warn his third budget would be characterised by "intensifying, not easing" financial pressure to show fiscal restraint. He said this …

Australia to provide $100 million in funding and supplies to Ukraine
7 months, 4 weeks ago

Australia to provide $100 million in funding and supplies to Ukraine

ABC  

​​​​​In short: Defence Minister Richard Marles has unveiled another $100 million in support for Ukraine, including funding for drones, air defence systems and generators. Defence Minister Richard Marles has unveiled another $100 million in support for Ukraine, including funding for drones, air defence systems and generators. Defence Minister Richard Marles has unveiled another $100 million in Australian funding and supplies …

Russia’s parliament approves budget with a record amount devoted to defense spending
1 year, 1 month ago

Russia’s parliament approves budget with a record amount devoted to defense spending

Associated Press  

Russia’s parliament approved a federal budget Wednesday that increases spending by around 25% in 2024-2026 and devotes a record amount to defense. The budget for 2024-2026 was developed specifically to fund the Russian military and to mitigate the impact of “17,500 sanctions” on Russia, State Duma Chairman Vyacheslav Volodin said after the lower chamber approved it on Nov. 17. Under …

Russian lawmakers approve a budget with a record amount devoted to defense spending
1 year, 1 month ago

Russian lawmakers approve a budget with a record amount devoted to defense spending

Associated Press  

LONDON — The lower house of Russia’s parliament, the State Duma, approved a federal budget Friday that increases spending by around 25% in 2024 and devotes a record amount to defense. The budget for 2024-2026 was developed specifically to fund the Russian military and to mitigate the impact of “17,500 sanctions” on Russia, State Duma Chairman Vyacheslav Volodin said. The …

A record Russian budget will boost defense spending, shoring up Putin’s support ahead of election
1 year, 1 month ago

A record Russian budget will boost defense spending, shoring up Putin’s support ahead of election

Associated Press  

LONDON — Russia’s State Duma took a step forward Wednesday towards approving its biggest-ever federal budget which will increase spending by around 25% in 2024, with record amounts going on defense. The draft budget “is about getting the war sorted in Ukraine and about being ready for a military confrontation with the West in perpetuity,” said Richard Connolly, an expert …

Ukraine plans big rise in defence spending in 2024 draft budget
1 year, 3 months ago

Ukraine plans big rise in defence spending in 2024 draft budget

Firstpost  

The finance ministry said in a statement that spending on defence was expected to be more than 21% of gross domestic product. The spending includes an allocation of 48.1 billion hryvnias for buying drones, which have been widely used by both sides in the almost 19-month-old war. The government approved a draft 2024 budget on Friday that puts the deficit …

WA Budget 2023: Mark McGowan's third budget delivers another massive surplus for WA
1 year, 7 months ago

WA Budget 2023: Mark McGowan's third budget delivers another massive surplus for WA

ABC  

Western Australia's position as the nation's strongest economy remains unchallenged, after Premier and Treasurer Mark McGowan handed down another massive budget surplus of $4.2 billion for the current financial year. Key points: Mark McGowan has delivered his third budget as WA treasurer WA will see a net operating surplus of $3.3 billion in 2023-24 The state's net debt will be …

Budget 2023 analysis: Despite promises, military spending still ‘woefully lacking’
1 year, 9 months ago

Budget 2023 analysis: Despite promises, military spending still ‘woefully lacking’

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The government will Only a small proportion of the increase will address the major …

Federal budget 2022: Winners and Losers
2 years, 2 months ago

Federal budget 2022: Winners and Losers

ABC  

After 10 years out of government, Treasurer Jim Chalmers has delivered Labor's first budget since its election victory in May. Winner: Families One of the centrepieces of the government's budget — and its election campaign — is its $4.7 billion spend on child care over the next four years. $1.7 billion over six years will be going towards women's safety …

NSW budget deficit more than triples to $11.3 billion
2 years, 6 months ago

NSW budget deficit more than triples to $11.3 billion

ABC  

The state's forecasted budget deficit has more than tripled, as the NSW government seeks to embark on major economic reforms while grappling with COVID-19 and disaster spending. Key points: NSW's deficit has blown out to $11.3 billion, up from the half-yearly projection Women, housing and infrastructure are receiving billions of dollars over the next four years Parents will be able …

Victorian budget 2022 piles on debt to pump money into strained health system, education
2 years, 7 months ago

Victorian budget 2022 piles on debt to pump money into strained health system, education

ABC  

Victoria's election-year budget will pile on debt to fix the state's beleaguered health system and continue to pump money into education and transport infrastructure while it attempts to claw back a modest surplus in four years. Key points: More call-takers for the strained triple-0 service and more paramedics are key to the state's $12 billion pandemic repair plan Net debt …

Defence budget will not rise despite Ukraine war, Rishi Sunak signals
2 years, 9 months ago

Defence budget will not rise despite Ukraine war, Rishi Sunak signals

The Telegraph  

It had previously been suggested that the defence budget may increase amid concerns about the UK’s readiness for war if the conflict in Ukraine draws in Nato countries. Ministers are already planning to reduce troop numbers from 82,000 73,000 by 2025, while the high rate of inflation means the defence budget is shrinking in real terms, despite the planned top-up …

How Australia's budget is designed to win votes ahead of federal election
3 years, 7 months ago

How Australia's budget is designed to win votes ahead of federal election

Daily Mail  

Barista Szilvia at work at Madisons cafe on the Gold Coast When the coronavirus pandemic hit Australia in March 2020, about 900,000 Aussies lost their jobs as restaurants, pubs, and shops were shut down to stop the deadly disease from rapidly spreading throughout the nation. The October budget backed up these large-scale programs by bringing forward permanent tax cuts for …

Federal budget 2021: Winners and Losers
3 years, 7 months ago

Federal budget 2021: Winners and Losers

ABC  

Find out who's getting a cash boost and who's missing out in Josh Frydenberg's 2021 federal budget. The government's putting $643.4 million over the next four years into low emissions technologies, including $539 million in funding for two "clean" energy schemes announced before the budget by the Prime Minister. Building on last year's budget, there's more investment to encourage women …

Budget 2020 has been a gamble for the Government — and it could backfire
4 years, 2 months ago

Budget 2020 has been a gamble for the Government — and it could backfire

ABC  

If ever there was a "forgive and forget" Budget, this is it. That is, the unprecedented nature of the disruption caused by a global pandemic makes most of the Budget's forecasts — things like the deficit and growth forecasts — not much more than a "pin the tail on the donkey" exercise. In that context, the Budget's two most important …

Federal Budget 2020: Winners and losers
4 years, 2 months ago

Federal Budget 2020: Winners and losers

ABC  

These are some of the winners and losers in Josh Frydenberg's 2020 Budget, which has been inevitably defined by the coronavirus pandemic. The Security Statement outlines $240 million of funding measures for the next four years that focus on increasing jobs for women in male-dominated industries like construction, more co-funded grants for women-founded start-ups, a focus on encouraging girls and …

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion
4 years, 2 months ago

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

ABC  

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels. Key points: Debt and deficits are set to hit record highs as coronavirus savages the economy Debt and deficits are set to hit record highs as coronavirus savages the economy Businesses …

Federal Government deficit hits record high of $86 billion as coronavirus devastates the economy
4 years, 5 months ago

Federal Government deficit hits record high of $86 billion as coronavirus devastates the economy

ABC  

Australia's budget deficit hit almost $86 billion last financial year, the biggest blow to the bottom line since World War II, Treasurer Josh Frydenberg has revealed. Key points: A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion It is …

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