Summary of the 2023 Federal Budget

Wednesday, 10 May 2023

The Albanese Labor Government’s 2023-24 budget helps ease pressure on families and households, and provides cost of living relief for those that need it most.

The budget will strengthen Medicare, helping to reduce out-of-pocket costs and improving access to bulk billing. From January, the Albanese Government cut the cost of medicine by reducing the maximum medicine co-payment. Through this budget, we will cut the cost even further and increase convenience for those who need to access ongoing medication.

Our cost-of-living relief package will provide targeted support without adding to inflation. We have made child care cheaper for families and we are providing rebates on energy bills for eligible households. We are also increasing the level of Commonwealth Rent Assistance.

Our Government is investing in jobs and skills, as well as continuing to implement our plan to get wages moving again. This includes funding a 15% pay rise for those working in aged care, and providing more support for small businesses.

This budget also delivers funding security for the North-South corridor project, and complements our investment in on/off ramps to the Southern Expressway at Majors Road.

I’m proud of our Government’s actions to support households and businesses, and I’m confident that investments made through this budget will give our community the support it needs.

You can read more about the 2023-24 Federal Budget at

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