Budget 2023 -24
A Guide
The ‘ace in the hole’ of the 2023-24 Federal
Budget was the $4.2bn surplus; the first in 15
years.
The surplus was driven by a surge in the
corporate and individual tax take. High
commodity prices, inflation, and high
employment have all pushed up corporate and
individual tax receipts. But the gains can’t be
relied on long term. The Budget is expected to
deliver a deficit of $13.9 billion in 2023-24, and a
$35.1bn deficit in 2024-25.
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