Budget

Chief Minister Andrew Barr says the territory budget's deficit increased 75 per cent due in part to a revenue shortfall from GST and payroll tax, but government spending has also increased — and drawn criticism from the Canberra Liberals.

The federal government's amended tax cuts will pass parliament without Labor needing to strike a deal with the Greens, with the Coalition deciding to support the cuts in a partyroom meeting.

Opposition Leader Peter Dutton has given his strongest suggestion the Coalition will vote alongside the government to pass revised tax cuts to benefit lower and middle income workers — but he has left a final decision for when parliament sits next week.

Wyatt Roy told Nemesis he suggested the government “do a Peter Beattie” after the 2014 budget.

Treasurer Jim Chalmers dismisses suggestions the government will scrap negative gearing after proving willing to break an election promise not to touch stage 3 tax cuts.

Want to know how the federal government's planned changes to the final stage of tax cuts will affect you? Use our tax cut calculator to find out.

The "tax cuts" were part of a plan set in motion by the previous Coalition government, with a key aim of protecting middle-income earners from bracket creep.

The Liberal Party responds with outrage to the prime minister's move to change promised tax cuts taking effect in July, saying he won the federal election with a "lie".

Prime Minister Anthony Albanese has given the strongest indication yet that the stage 3 tax cuts will be expanded to benefit lower-income earners.

The median income earner will pay an extra $5,000 in the next three years but get minimal benefit from the stage 3 tax cuts, according to analysis by the independent Parliamentary Budget Office.

Plans are unveiled for a major redevelopment of Perth’s Convention Centre, a building that has long been criticised for being ugly and not taking advantage of its prime riverside location.

The government is happy to declare the inflationary benefits of some of its policies but is tight-lipped about the effect of the stage three tax cuts. 

Anthony Albanese is finishing the year with a sullen electorate that can't really see past the economic pain it is feeling, and national security back in the realm of talk about border security and terrorists, writes Laura Tingle.

With this year's now $3.7 billion surplus suggesting impressive budget figures are becoming the norm rather than a surprise, there are loud calls for the money to be used to help people doing it tough, writes state political reporter Keane Bourke. 

WA continues to be flush with cash, with the resources rich state expecting a $3.7 billion windfall surplus off the back of higher than forecast iron ore prices. State political reporter Keane Bourke explains.

Economist Johnathan McMenamin explains why the budget is in a better position after the federal government handed down the Mid Year Economic And Fiscal Outlook. 

The real political danger — and the opportunity — that now confronts the government is that as nominal wages rise, the very issue that the stage 3 tax cuts were supposed to address is coming into play, writes Laura Tingle.

Economists say luck is offering Labor plenty of good economic fortunes. Treasurer Jim Chalmers doesn't see it that way but won't be complaining if it continues.

The mid-year budget update has revealed inflation is forecast to remain high as Jim Chalmers holds-off on more cost-of-living relief.

A less rosy picture of inflation in 2024, wage growth inches over the line into real pay improvements, and another tough year for renters and home buyers — here's what the government's budget update reveals about expectations for 2024.

Economist Chris Richardson says the world has given Australia a pay rise, with resource prices inflated due to external economic factors like the war in Ukraine.

The Treasurer says there has been two successive quarters of wages growth and he expects to see sustainable wage growth next year.

Katy Gallagher says 99 per cent of spending is for unavoidable, urgent, or dealing with legacy issues.

The Treasurer says conservative and responsible economic management has led to a smaller deficit but has stopped short of forecasting a budget surplus.

The federal government will hand down its mid-year budget update today, offering fresh insight into how it plans to navigate cost-of-living pressures and a mounting debt bill.