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Federal Budget with Chief Economist Bill Evans

Federal Budget 2023-24 with Chief Economist Bill Evans.

Federal Budget highlights

Full report

In depth analysis of the Budget by our Westpac Economics team.


A snapshot of the headline figures and policy highlights in this Westpac Economics infographic. 

Federal Budget 2023: The impact by sector

There’s a surplus and plenty of winners, but what will the Federal Budget 2023-4 mean for different sectors of the Australian economy? A team of Westpac analysts explains in this exclusive report.

Key initiatives^

Strengthening Medicare


Bulk billing incentives tripled to reduce out-of-pocket costs; more Urgent Care Clinics.

Income Support


Base rate raised by $40 per fortnight. Eligible JobSeeker recipients 55+ to gain additional support.

Rent Assistance


Maximum rates of Commonwealth Rent Assistance increased by 15%.

Single Parent Payment


Eligible single parents to now receive payment until youngest child turns 14 (currently 8).

Energy Price Relief Plan


From July 2023, up to $500/$650 in bill relief for eligible households/ small businesses.

Household Energy Upgrades

$1.3bn fund

To unlock more than 110,000 low-interest loans for energy-saving home upgrades.

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Things you should know
^ For key initiatives, cost is for the five years from 2022/23 to 2026/27 inclusive, unless otherwise stated.
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