Australian Parliament House is seen behind a ‘Pay Here’ sign.
The estimated tax to be taken from individuals and companies has risen since the May budget. Image by Lukas Coch/AAP PHOTOS
  • economy, business and finance

Federal budget update includes new spending and savings

Paul Osborne December 13, 2023

KEY SPENDING SINCE THE MAY BUDGET

* $6.5 billion for housing supply increase measures

* $313 million over three years for better targeting of employment services

* $392.5 million ongoing response to COVID

* $3.47 billion over four years in PBS new and amended listings

* $11 billion over the decade in extra infrastructure spending

* $254 million for agricultural pest and disease preparedness and response

* $150.7 million over six years for Murray-Darling reforms

* $180.3 million over four years for water infrastructure

* $186.6 million over two years for Ukraine support

* $575.5 million over 11 years for AUKUS nuclear-powered submarine program

* $285 million over three years for new Bushmaster vehicles

* $145.5 million for Digital ID system

* $596.1 million over four years response to aged care royal commission

* $184.9 million cancer nursing and navigation program

* $483.7 million over six years for mental health programs

* $389.2 million over four years for immunisation program

* $200 million over four years for sporting clubs

* $300.1 million over five years for the cyber security strategy

* $254.8 million over two years to respond to High Court bridging visa case

* $511.3 million over two years for NDIS

KEY SAVINGS/REVENUE SINCE THE MAY BUDGET

* $7.4 billion from reprioritising infrastructure spending

* $349.1 million over three years in extra passport fee revenue

* $500 million to deny deductions for ATO interest charges in 2026/27

* $525 million over four years in extra foreign investment fees for housing

* $1.2 billion in space program savings

* Personal income tax receipts expected to be up $9 billion in 2023/24 and $30 billion over four years

* Income tax withholding has been revised up by $5 billion in 2023/24 and $15.9 billion over four years

* Company tax receipts have been revised up by $9.2 billion in 2023/24 and $34.5 billion over four years

(Source: Mid-Year Economic and Fiscal Outlook)