AU Annual Budget Release
Domestic government spending and borrowing levels can have a significant impact on the economy - increased spending generates work for contractors and creates jobs, while borrowing levels impact the nations credit rating and provide insight into the nation's underlying fiscal position;
This document outlines the government's budget for the year, including expected spending and income levels, borrowing levels, financial objectives, and planned investments;
- History
Expected Impact / Date | Description |
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May 14, 2024 | |
May 9, 2023 | |
Oct 25, 2022 | |
Mar 29, 2022 | |
May 11, 2021 | |
Oct 6, 2020 | |
Apr 2, 2019 | |
May 8, 2018 | |
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- AU Annual Budget Release News
Australian Treasurer Jim Chalmers says his country is on track for a soft landing as a result of "moderating inflation and a resilient labor market." He also says that the relationship with China can be "complex to manage" but there are "good economic dividends" from engaging with Beijing. Chalmers speaks to Haidi Stroud-Watts on the sidelines of the Morgan Stanley Australia Summit in Sydney.
Global growth is expected to remain subdued over the next few years as the effects of high inflation, restrictive macroeconomic policies, geopolitical tensions, and challenges in the Chinese economy weigh on the outlook. Global growth is forecast to remain flat at around 3¼ per cent in 2024, 2025, and 2026. This would represent the longest stretch of below-average global growth since the early 1990s. While fighting inflation remains the primary task, as inflationary pressures abate and labour markets soften, the global policy focus ...
Australia’s budget will feature a bigger boost for the nation’s critical minerals industry, Treasurer Jim Chalmers said, describing the lucrative market as a “golden opportunity” just days ahead of releasing his annual fiscal blueprint. “The critical minerals space is one of the reasons why there is so much attention from global and domestic investors, but we need to make sure we can attract and deploy that,” Chalmers said in an interview with Bloomberg in Canberra on Sunday. The treasurer will release the budget on Tuesday night, ...
The Australian government has promised to spend billions on housing programs as it tries to appease mounting voter angst about a chronic shortage of homes. The new package, announced ahead of next week’s budget which is expected to focus on the cost of living, is mainly comprised of funding commitments for the country’s states and territories. It includes A$9.3 billion ($6.1 billion) over five years to build and repair social housing and combat homelessness, A$1 billion for new housing infrastructure like roads and sewers, and A$1 ...
The Reserve Bank is now assuming Australians will see no interest rate cuts this year – and quite possibly none before the next federal election, due next May. That’s a big change compared to just three months ago. Back in February, the Reserve Bank assumed three rate cuts before the middle of the next year. Its newly-updated assumptions have interest rates remaining high for the rest of this year, then declining only slowly, with a cut by May 2025 about as unlikely as it is likely. chart The assumptions are based on financial ...
Australia is pressing for a second consecutive budget surplus even as weakening commodity export prices and rising unemployment crimp revenue gains, Treasurer Jim Chalmers will say in a speech in Sydney. Chalmers is delivering a pre-budget address to the Committee for Economic Development of Australia on Thursday, when he will highlight that a falling iron ore price means smaller revenue upgrades. He will also signal that the fiscal blueprint expected to be handed down on May 14 will contain a broader focus than inflation, as ...
Australia's Labor government on Tuesday boasted the first budget surplus in 15 years as strong jobs growth and bumper mining profits swelled its coffers, but it will quickly be swallowed up by spending on everything from health to energy and defence. In his second budget since winning power in May last year, Treasurer Jim Chalmers also announced billions in cost-of-living relief aimed at lowering power bills and consumer prices in a helping hand to the Reserve Bank of Australia's (RBA) fight against inflation. "Providing responsible, ...
The 2023–24 Budget builds stronger foundations for a better future. It addresses the challenges Australians are facing today, better shares the opportunities in our society and lays the foundations for a stronger and more secure economy into the future. Australians have shown resilience in the face of heightened global uncertainty, persistent inflation and higher interest rates, which are combining to slow our economy. The best response to these challenges is a responsible budget that strikes the right balance between fiscal ...
Released on May 14, 2024 |
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Released on May 9, 2023 |
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- Details