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The Latest Breaking News from Federal Budget

Energy price relief in spotlight of federal budget

As federal parliament returns for the new year the government faces pressure to deliver further energy price reductions after intervening in the market.

AAP

Superannuation tax breaks will cost budget $52bn, almost matching Australia’s age pension

New analysis calls for major changes including restrictions on concessions as the country risks having ‘two classes of state-funded retirees’

The Guardian - AU

I helped balance the federal budget in the 1990s – here's just how hard it will be for the GOP to achieve that same rare feat

Kevin McCarthy reportedly promised many things to Republican hardliners en route to clinching his job as speaker of the U.S. House of Representatives. One of them was a “balanced budget” in 10 years.

The Conversation

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India finance minister announces new clean energy funds

Indian finance minister Nirmala Sitharaman announced several new clean energy initiatives in her annual federal budget speech on Wednesday, saying “green growth” is a top priority for the country

The Independent UK

Biden signs $1.7 trillion bill funding government operations

President Joe Biden has signed a $1.7 trillion bill funding government operations through September 2023, the end of the federal budget year

The Independent UK

November's $249 Billion Federal Budget Deficit Set a Record. Now, Congress Is Preparing To Spend Even More.

The government spent $501 billion in November but collected just $252 billion in revenue, meaning that about 50 cents of every dollar spent were borrowed.

Reason

New South Wales approved a UN jail visit before backflipping

NSW agreed to let human rights inspectors visit its jails before going back on its decision, a federal budget estimates hearing revealed.

The New Daily

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Negative gearing and capital gains tax discount set to cost the budget $20 billion a year within a decade

The cost of negative gearing is set to more than triple as interest rates rise and, with it, the capital gains tax discount is expected to cost the federal budget more than $20 billion a year within a decade.

ABC News

Millions allocated in federal budget to abolish cashless debit card, but support for participants unknown

Opponents of the card are calling for greater clarity from the Albanese government about what services will be made available to support the thousands of people transitioning off the program.

ABC News

The budget sounded warnings of an NDIS 'blow out' – but also set aside funds to curb costs and boost productivity

In this week’s federal budget the costs of the National Disability Insurance Scheme (NDIS) have been revised upwards, with average forecast growth of 14% a year over the next decade.

The Conversation

Money for dams dries up as good water management finally makes it into a federal budget

A story from the early days of the Abbott government still circulates in the halls of Parliament House.

The Conversation

Will your energy bills ever come down? Only if Labor gets serious with the gas majors

Over the next two years, energy prices are expected to rise by a whopping 56%. That’s the dismal forecast in this week’s federal budget.

The Conversation

The government hopes private investors will help save nature. Here's how its scheme could fail

This week’s federal budget reiterated the government’s plan to establish a new scheme for encouraging private investment in conservation, called a biodiversity market (now, rebranded to a “nature repair” market).

The Conversation

Budget and energy agencies differ on coal

TUESDAY'S federal budget was framed on commodity price assumptions that included a fall in thermal coal from $US438 a tonne to just $US60 a tonne by July this year.

Newcastle Herald

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AAP

Indigenous voice budget funding welcomed

Financial commitments in the federal budget show the government is serious about Indigenous issues, a law academic who helped design the Uluru Statement says.

The Conversation

Budget restraint? When it comes to transport projects, it's hard to find

“Restraint” – that’s what Treasurer Jim Chalmers claimed as the watchword of Tuesday’s federal budget. Perhaps the claim can be made in general, but when it comes to transport infrastructure, the budget is remarkable not for how different it is to budgets past, but how similar. It has left plenty…

The Conversation

This was supposed to be a 'wellbeing budget' – so why does it feel like the arts have been overlooked?

The first Labor federal budget has come down, but the arts are almost nowhere to be seen.

AAP

Regional communities 'neglected' in budget

The government has been accused of neglecting funding for regional Australia in the federal budget, but the minister in charge insists it is a focus.

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Newcastle Herald

Business leaders welcome Hunter's budget 'success'

Newcastle Airport says it is "thrilled" to have funding for its new terminal building confirmed in Tuesday's federal budget, and the Hunter's peak business group has welcomed commitments to other large infrastructure projects.

ABC News

Anthony Albanese flags NDIS spending crackdown as federal budget forecasts cost blowout

There are growing concerns about the sustainability of a central Labor policy following new budget projections showing the extent of National Disability Insurance Scheme cost blowouts.

ABC News

Medibank's market value drops $1.6b in one week, Reserve Bank tipped to lift rates even further as inflation hits 32-year high

Medibank's hacking debacle results in the company's market value plunging by $1.6 billion, ANZ is fined $25 million for misleading customers, while the local share market rises for its third straight day as Australian inflation hits a 32-year high.

ABC News

Middle Arm industrial precinct, remote homelands and Aboriginal art gallery funding confirmed for NT in federal budget

Funding for a billion-dollar industrial hub on Darwin Harbour and a national Aboriginal art gallery in Alice Springs are among the big-ticket items confirmed for the Northern Territory in Tuesday's federal budget.

AAP

Budget 'fleeced' NSW again: Perrottet

Dominic Perrottet says NSW has been stiffed of infrastructure funding after money was taken away from several projects.

ABC News

Budget 2022: Treasurer details budget in Press Club speech, after yearly inflation hits highest point since 1990 — as it happened

The government warns of tough times ahead for families after delivering its first budget, with Treasurer Jim Chalmers saying inflation "will get worse before it gets better."

ABC News

What's in the federal budget for me? Here's a quick guide

Labor's first budget in almost a decade has been handed down — here's what you need to know about what's in it for you.

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