The Mid-Year Economic and Fiscal Outlook (MYEFO) was released on Wednesday 13 December 2023 by the Federal Government.
Here are the highlights:
Cost of living plan
A continued focus on rolling out $23 billion in cost-of-living relief, targeted to reduce pressure on households. This MYEFO makes further investments to provide more housing for Australians, to support the expansion of the Paid Parental Leave scheme and to allow eligible job seekers who enter employment to retain access to concession cards, child care subsidies and other supplementary benefits for longer.
The energy bill relief program is providing rebates of up to $500 to around five million households and up to $650 to around one million eligible small businesses. The second quarterly energy bill relief payments commenced rolling out to eligible households and businesses from October 2023.
Building the future
In addition to its previous commitment of over $40 billion towards its ambition to become a renewable superpower, a further commitment of around $3 billion this MYEFO, including via:
$2.5 billion to support the Critical Minerals Strategy 2023–2030, including an additional $2 billion in funding for the Critical Minerals Facility and $500 million for critical minerals projects in Northern Australia through the Northern Australia Infrastructure Facility.
$5.4 million for a Battery Supply Chain and Research Working Group to enable collaboration with the United States Government on battery supply chains, battery manufacturing capabilities and battery technology research and development.
$359.0 million over four years to unlock the benefits of cleaner, cheaper and more reliable energy, as a critical enabler of future clean industries and broader decarbonisation. This includes an expansion of the Capacity Investment Scheme to boost renewable generation, firm our electricity supply and secure Australia’s energy transformation.
Review of Australian Apprenticeships and Incentives
$5.4 million over two years from 2023–24 to undertake a strategic review of Australian Apprenticeships, including the Australian Apprenticeships Incentives System.
Supporting Physical Activity and Equitable Access for Women and Girls to Participate in Sport
$200.0 million over four years from 2023–24 for the Play Our Way program and to provide sporting equipment and facilities to sporting clubs. Funding includes $200.0 million over four years from 2023–24 for the Play Our Way program, which will provide targeted grants for sporting infrastructure and facilities to support women and girls to engage and participate in sports and physical activity.
Tailored Assistance Employment Grant Program – extension
Funding of $25.0 million over two years from 2023–24 to extend the Tailored Assistance Employment Grant Program (TAEG) to ensure existing TAEG providers can continue to deliver employment services to First Nations peoples across Australia.
Funding of $31.2 million over four years from 2023–24 (and $10.4 million in 2027–28) to extend the Be Connected program until 30 June 2028 to support Australians over 50 to engage confidently and safely with digital technology.
$27.9 million provided over two years from 2023–24 to extend the Restart Wage Subsidy for Disability Employment Services participants over the age of 50 to support them to find employment.