FEDERAL BUDGET SNAPSHOT: All YOU need to know!

The 2023 Federal Budget has just dropped, with healthcare taking centre stage.

“The budget we present to the Australian people tonight provides cost-of-living relief that is responsible, affordable and prioritises those most in need,” Treasurer Jim Chalmers said before handing the budget down.

Press PLAY below to listen back to the Treasurer’s full speech

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$5.7 billion will be spent strengthening Medicare over the next five years, with GPs given greater incentives to bulk-bill.

Treasurer Jim Chalmers says the focus is on young families, pensioners and concession card holders.

The federal government has also confirmed an across-the-board increase to the JobSeeker rate, with those on the unemployment benefits to get an extra $40 a fortnight.

Senior Economist at the Australia Institute Matt Grudnoff says it could have been more generous.

From July, more than five million households will receive a discount on their energy bills worth up to $500 and small businesses are also covered under the plan.

People needing rent assistance may be eligible for an extra $31 a fortnight.

But there are concerns people will still be left behind.

As predicted, the budget will deliver a $4.2 billion surplus, the first in 15 years.

But the Treasurer says deficits are again forecast in the years ahead.

The budget also sets aside $2 billion to be used on renewable energy, as Chalmers announced a focus on hydrogen saying his goal is to make Australia a “renewable energy superpower”.

Politicians will also receive a staff increase, with an allocated $159 million over the next four years for additional “frontline electorate staff” for each parliamentarian. Additionally, “nominated traveller expense entitlements” will be increased, enabling family members to accompany politicians.