BREAKING: FEDERAL BUDGET NEWS |
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Dear members This year’s Budget is framed around global uncertainty with restrained spending and targeted support, returning to a projected $42.1 billion deficit. Budget priorities include new personal income tax cuts from 2026, continued energy bill relief, and increased investment in public hospitals. Health measures feature expanded bulk billing access, additional Medicare Urgent Care Clinics, and new and amended PBS listings. Digital health, women’s health, and student loan relief also receive targeted funding.
The Budget also includes a proposed expansion in funding for the National Joint Replacement Registry. |
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GDP: Real GDP growth is forecast to grow by 2% in 2024-25, 2.25% in 2025-26, 2.50% in 2026-27, and 2.75% in 2027-28. Unemployment: Unemployment rate is expected to grow to 4.25% by 2027-28.
Inflation: Inflation is expected to ease from 3.5% in 2023-24 to 2.5% in 2027-28.
Surplus/Deficit: Following a $22.1 billion surplus in 2022-23, another $9.3 billion surplus is forecast for 2023-24. A deficit of $28.3 billion is forecast for 2024-25.
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| Key Measure(s) - Personal Income Tax: New tax cuts for every Australian taxpayer to begin from 1 July 2026, including reducing the 16% rate to 15%, and to 14% from 1 July 2027.
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Energy Bill Relief Fund: An extension delivering $1.775 billion in 2025-26 for household relief.
- GP Medicare Investment:
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$7.9 billion to provide more bulk billing so people can see a general practitioner (GP) for free.
- Expanding bulk billing incentive eligibility to cover all Australians from 1 November 2025.
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Urgent Care Clinics: $644 million to establish a further 50 Medicare Urgent Care Clinics across the country.
- Public Hospital Funding: The Commonwealth contribution to state‑run public hospitals will increase by 12 per cent to reach a record $33.9 billion in 2025–26.
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National Health Reform Agreement: $1.8 billion for hospitals under a 1-year extension of the National Health Reform Agreement, ensuring continued funding for essential services.
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PBS: $1.8 billion is allocated for new and amended listings on the Pharmaceutical Benefits Scheme (PBS), Repatriation Pharmaceutical Benefits Scheme, Stoma Appliance Scheme, and Take Home Naloxone program.
Other Measure(s)
Onshore Intravenous (IV) Fluid Manufacturing: Bolster Australia's self-sufficiency in critical medical supplies, the government has committed $22.9 million over five years to expand onshore production of intravenous (IV) fluids.
ADHA Funding: $218.2m extension of funding for ADHA and $228.7 million to continue modernising My Health Record and support the digital health reform agenda. Digital Mental Health: $46.0 million over four years from 2024–25 to continue digital mental health services.
Housing Support: Includes $24.6 million in 2025-26 and $24.7 million in 2026-27 across programs and agencies. Medical Costs Finder Website Enhancement: $7 million has been allocated to upgrade the Medical Costs Finder website, aiming to improve public access to data on doctors' and insurers' out-of-pocket fees over the next five years.
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Department of Industry, Science and Resources -
Future Made in Australia: Budget includes a $1.7 billion Future Made in Australia Innovation Fund, with $750 million for green metals.
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Clean Energy: $500 million for clean energy manufacturing (including batteries and wind towers), and $250 million for low carbon fuels. $2 billion Green Aluminium Production Credit (from 2028–29) and a $1 billion Green Iron Investment Fund to support domestic clean industrial capability.
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| Department of Health Women’s Health Treatment: $792 million package to support new oral contraceptives, treatments for endometriosis, relapsed or refractory diffuse large B-cell lymphoma, and treatment-resistant major depression.
Medicare Benefits Scheme: $256.2 million over four years to support new and amended items on the Medicare Benefits Schedule, including updates for telehealth services and treatments for advanced neuroendocrine tumours. Cobalt 60: $3.7 million investment over two years to replace the Cobalt‑60 teletherapy source for the calibration of radiotherapy devices used for radiation therapy. National Joint Replacement Registry: $2.4 million in funding over four years from 2 to increase the core operating funding for the National Joint Replacement Registry.
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