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The Australian Financial Review reported that Federal Finance Minister Jim Chalmers will unveil the Labor government's third federal budget on May 14. The Labor government has pledged to provide the necessary cost-of-living assistance to Australians in distress through this budget.
The following is the content of the budget that has been announced so far.
*Financial Situation*
Economists forecast a surplus of around $13.4 billion in 2023-24. Despite this, the Treasurer is still forecasting a larger budget deficit over the next four years than projected six months ago, as the $25 billion in additional tax revenue during this period will not be able to compensate for the significant increase in government spending.
*Electricity Subsidy*
A second round of electricity bill subsidies may be realized without the help of the state government. Last year's Budget included part of a $3 billion subsidy for households, with the cost of the subsidy being shared between the states and the federal government.
*Taxation*
The Treasurer is expected to announce more information on the three phases of tax cuts. Under the previous reform package, people earning $50,000 a year would receive a $929 tax reduction, up from $125 previously.
The tax break will increase from $1,125 to $1,929 for the $90,000 annual income group and from $4,675 to $3,729 for the $160,000 annual income group. In addition, Labour expects to introduce business tax incentives.
The possibility of an across-the-board corporate tax cut has been ruled out, but Chalmers has pledged "fiscal incentives, regulatory reforms and other favourable factors".
*Housing*
Chalmers is expected to propose additional options in the Budget to address the chronic housing shortage.
The government will invest more than $90 million to increase the number of skilled workers in the construction and housing sectors, with initiatives designed to help close the national skills gap and increase housing supply.
*Paid Parental Leave*
About 180,000 families are expected to benefit from the super-pension for parents of babies born on or after 1 July 2025, in addition to government-funded parental leave.
*制造业（Future Made in Australia）*
A $1 billion earmarked fund will boost the production of solar panels in Australia in the form of subsidies, grants and other support, and the Australian Renewable Energy Agency (ARENA) will design and implement the scheme in consultation with the industry.
Australia will invest $940 million in Silicon Valley start-up PsiQuantum, which will build the world's first commercial quantum computer in Brisbane. The Commonwealth Government and the Queensland Government contributed $470 million each through share purchases, grants and loans.
Critical minerals and rare earth deposits, which are urgently needed to develop renewable energy technologies, will be mapped as part of Geoscience Australia's $566 million plan.
The Critical Minerals and Northern Australia Infrastructure Fund has been announced to be used for: an $840 million loan package and grant for Gina Rinehart-backed Arafura Rare Earth; a $400 million loan to Gladstone-based Alpha HPA for the construction of a high-purity alumina processing facility; a $185 million loan to Renascor Resources to accelerate the development of its Siviour graphite project in South Australia; A $230 million loan to lithium prospective Liontown Resources to enhance the viability of its Kathleen Valley mine in Western Australia, which is targeted to come on stream this year.
Federal Treasurer Jim Chalmers (Picture: Australian Financial Review)
*Energy*
More than $330 million will be allocated to some of Australia's wealthiest companies, including Rio Tinto, Wesfarmers, Swiss giant Glencore and billionaire Dick Honan's Manildra Group, to fund decarbonisation projects from the already announced Powering the Regions Fund.
*Agriculture*
The government's Future Drought Fund will receive $519.1 million to fund projects that help farmers and local communities prepare for drought conditions and build climate resilience.
*National defense*
The Australian Financial Review reported that Defence Minister Richard Marles announced that he would invest 330 billion Australian dollars in military buildup, with long-range missiles, new warships and landing craft, drones and underwater warfare being prioritized.
(Image source: Internet)
*Health*
Women with endometriosis and complex gynaecological conditions will receive their first specialist consultation of 45 minutes or more under Medicare.
From 1 July, the government will spend $49.1 million to add about 430,000 appointments.
*Education*
Student loans for around 3 million graduates will be reduced by an average of $1,200 as part of a move to reduce HECS debt. Nursing, teaching, midwifery and social work students will be eligible for a $320 per week grant to tackle 'internship poverty' while studying compulsory practical units.
This "internship subsidy" will cost about $23 million per year.
*Infrastructure*
A new active transport fund will be established as part of a $100 million plan to build and upgrade bike and pedestrian paths across the country. This spending will begin in July 2025.
Canberra's light rail project will receive a $50 million infusion and Phase 2B will extend from Lake Burley Griffin to Woden, where it will be constructed between 2028-2033.
An additional $3.25 billion will be awarded to Victoria's North East Line, which is being built between Melbourne's Eastern Fwy and M80 Ring Rd, a massive project expected to open in 2028.
Queensland's Bruce Highway will receive a $467 million injection for road improvements and capacity upgrades.
(Image source: Internet)
*Physical education*
The Australian Institute of Sport will receive a $250 million injection as part of a plan to revive Australia's Olympic performance ahead of Brisbane 2032.
*Public Services*
Labor will try to save $1 billion in the budget by further cutting jobs outsourced to consulting and contracting firms. Since the government's election, some 8,700 previously outsourced jobs have been converted into public service jobs.
*Environment*
The budget would scrap the $4 per tonne waste export tax, which was originally set to come into effect in July. The Morrison government introduced the tax in 2020 to reduce and regulate the export of Australian waste destined for processing overseas.
*Foreign policy*
Australia will spend more than $110 million to promote the Falepili alliance with Tuvalu, including $50 million to build the country's first submarine communications cable, $19 million to extend the Tuvalu Coastal Adaptation Project, and Australia will also expedite the replacement of Tuvalu's Guardian-class patrol boats.
(Image source: Internet)
*Domestic violence*
Women seeking to flee their violent partners will receive up to $5,000 in new emergency support subsidies and assistance as part of the National Cabinet's response to Australia's escalating domestic violence crisis. The plan, which will make the Morrison government's pilot scheme permanent, will cost a $925 million budget.
*Western Sydney*
Western Sydney will receive $1.9 billion in infrastructure funding for the construction of facilities such as major cargo and transport routes to the new Sydney Airport. The funds will be used for 14 different projects, with Chalmers saying the area will be a "central focus" in the budget.
*Anti-Money Laundering*
The government has spent $166 million to extend anti-money laundering reporting obligations to real estate agents, lawyers and accountants, while the government will step up efforts to crack down on black money that could be used to buy property.
*Gun*
Thirty-five years after the firearms registration system was first proposed, Australia will establish a national firearms registration system, which will cost $161.3 million over four years.