Our Yahoo Finance experts weigh in on the good, the bad, and the ugly from Budget 2023.
Nicole Pedersen McKinnon - finance and property expert
There was a mic-drop moment in the budget: TRIPLED incentive for GPs to bulk bill. Treasurer Jim Chalmers said: “[So the] quality of your health care is guaranteed, not by your credit card but your Medicare card.”
(The crowd went – OK the budget equivalent of – wild.)
Then, confirmation parenting payment 'single' was extended to cover children aged 14. It currently only provides for kids aged up to eight years old. And access to the higher benefits payment was lowered from 60-year-olds to those aged 55, helping mainly women.
Overall? Impressive. Impactful … where it counts.
Jason Murphy - Economist
Jim Chalmers looks like the luckiest treasurer since Costello! What an amazing election to win.
The economy is roaring and throwing revenue at the government's coffers. Suddenly, instead of debt and deficit as far as the eye can see, the government nails a surplus. A big result for his first May in the Treasurer's office.
This revenue surprise is big enough that he is able to hand out a meaningful increase to JobSeeker. A $40-a-fortnight boost will be very welcome for the million people who depend on the payments.
More budget news:
Stephen Koukoulas - Economist
The government has collected a windfall in revenue from high commodity prices and a tight labour market. The good news is that the government has banked this gain, delivering a surplus and scaling back the trajectory for government debt.
The government has been able to meet some of its social and economic policy objectives, funding the bulk of those with spending cuts on inefficient projects and some modest increase in tax.
Treasury continues to forecast a deceleration in inflation, which is good news. There remains a debate about how quickly inflation will return to the 2- 3 per cent target.
Jessica Brady - Finance expert
Broadly, I am cautiously optimistic about the top-line information we have received so far on tonight's budget. This budget looks promising for women and our society's most vulnerable. Of course, the devil is in the detail. We need to see the actual benefit of these proposals for individuals, given the significant pressures most Australians are facing right now with the high cost of living.
The good includes JobSeeker getting a boost - the $40-a-fortnight increase will be a helping hand for those that need it, but certainly not enough to cover the increasing costs they face with the rising cost of living. There will also be additional funding for those over 55, many of whom are older women, who have spent their lives giving to others. Broadly, this is welcome news, but the real question is: will this be enough to keep them off the poverty line?
On the downside, the $3 million superannuation cap does everything to help those who already have significant wealth, and this does not help young people. Those additional taxes could have been used to help build more housing, offering more schemes for young people to buy property.
As for what's missing from this budget? Changes to help those looking to buy property for the first time, especially those who cannot lean on the 'Bank of Mum and Dad'. Funding to support university students who will end up with a degree and a lofty, expensive student debt that they must pay on top of huge housing costs.
Bailey Riley - President of the National Union of Students
I'm really disappointed. This isn't a budget with a focus on young people, it's really just crumbs for us. While there is rent assistance, just $31 isn't going to cut it. I personally had a rent increase of $90 a fortnight recently and I know of other people in Sydney and Melbourne who are experiencing rental increases that are much higher than that.
Young people are really suffering from the rising cost of living. We are the first generation who are going backward financially. So many young people can't pay their rent, and they can't study full-time because they need to work as well. It's disappointing that young Australians don't really seem to be a focus.