The Albanese Labor Government is securing Australia’s future during a time of global uncertainty by making our economy more productive and more resilient.
Our best defence against global pressures is a stronger economy, and that’s what we are building in this Budget.
We’re making our economy more dynamic by advancing National Competition Policy reforms and investing in productivity-enhancing infrastructure, including the National Broadband Network.
We’re building a Future Made in Australia – creating jobs and opportunity for generations of Australians as we continue the work of making our country an indispensable part of the global net zero transformation.
We are also backing hardworking local businesses by investing $20 million to encourage consumers to buy Australian made products through the Buy Australian campaign.
The world has thrown a lot of challenges at Australia over the past few years.
It’s clear the rules that underpinned global economic engagement for more than 40 years are being rewritten. Our economic plan is all about ensuring Australians are beneficiaries, not victims, of this churn and change.
Budget commitments to build a stronger economy include:
- Investing more than $3 billion to support local green metals production to help build a Future Made in Australia.
- Unlocking an expected $6 billion of additional private investment in renewable energy and low emissions technologies through a $2 billion expansion of the Clean Energy Finance Corporation.
- Support for small businesses, including extending energy bill relief for around one million small businesses and cracking down on unfair trading practices.
- $7.1 million over two years to strengthen enforcement of the Franchising Code.
- $165 million in tax relief for hospitality venues, brewers, distillers and wine producers including a two-year freeze on the indexation on draught beer excise.
- Supporting local businesses including $20 million to encourage consumers to buy Australian made products through the Buy Australian campaign.
- $17.1 billion over 10 years for road and rail projects to improve the productivity and resilience, liveability and sustainability of our cities, regions and communities.
- Up to $3 billion to complete the National Broadband Network to deliver access to faster and more reliable broadband services to a further 622,000 premises nationwide.
Our reforms in this Budget reduce red tape for businesses and workers.
The Government is also accelerating productivity-enhancing reforms as part of our revitalised National Competition Policy. This Budget includes:
- Banning non-compete clauses for low and middle-income earners to boost workers’ wages. Research shows that reforms to these clauses could lift the wages of affected workers by up to four per cent or $2,500 for workers on average wages and lift GDP by $5 billion per year.
- Progressing the design of a national licensing scheme for electrical occupations to cut red tape for businesses, save tradies time and money and enable electricians to work seamlessly across borders. The Productivity Commission suggests licensing reforms across a range of industries would provide long-term benefits, including a boost to GDP of up to $10.3 billion.
The Government is also ensuring Australia has a highly skilled workforce for the future by putting public schools on a path to full and fair funding and making Free TAFE permanent.
Our economic plan is already helping to strengthen Australia’s economy and this Budget will help to ensure we continue to make progress.
We saw growth in our economy rebound solidly at the end of last year, with the private sector taking its rightful role as a key driver of growth.
Treasury expects growth in our economy to pick up in the period ahead, with the private sector driving more of the growth.
In an increasingly uncertain global economic environment, this Budget invests in our people and productivity to make our economy stronger and more resilient.
An artist’s impression of the waterplay area, which is part of the inclusive Foreshore Park playground project.