A Brief Breakdown of the 2023 Budget

The 2023 Budget has been handed down, with the Albanese government celebrating a return to surplus - but what are the benefits for everyday Australians? Here are some of the key numbers.

The key talking points have been the increase to welfare payments for jobseekers and support for families, but have they gone far enough?

The $40 per fortnight increase to JobSeeker and Youth Allowance has been branded nowhere near enough by many groups, equating to less than $3 per day for some of our most vulnerable who face insecure work, increases to tertiary education debt, steep rental hikes and other cost of living pressures - but the increase in the single parent payment has garnered plenty of support - as has the decision to increase the age of eligible children from 8 to 14.

The increase in pay for Aged Care workers has also been widely praised given the challenges the industry has faced since the pandemic, and it's hoped that the significant increase will also drive staff retention and recruitment in a sector that is still suffering shortages. Childcare has also received a small boost, with just over $70 million over five years to retain and recruit new early childhood educators.

While the government has widely touted its electricity bill and rental relief packages - and they will certainly help the disadvantaged and those feeling economic pressures most acutely - many middle-income earners and small businesses have been left feeling insufficiently supported amid their own struggles.

A key item in the budget is the reduction in pharmaceutical costs and bulk-billing increases, designed with the goal of easing the growing pressure on hospital emergency departments and making medication more accessible - but pharmaceutical groups are saying the new strategy could lead to supply issues with essential medicine in the future - though it remains to be seen if this is simply fear mongering from an industry that could be forced to reform.

Community support, including funding targeted at improving outcomes for Indigenous Australians and those suffering from disabilities or mental health issues, as well as domestic violence victims and the homeless, has been tentatively praised, as has the government's continued fight against vaping and tobaccobut it all ultimately pales in comparison to a multi-billion dollar defence overhaul to bring Australia's defence capabilities into 'the missile age' and build the hotly-disputed and controversial nuclear submarines.

The budget also maintained its superannuation measures, including the reduction of tax concessions for those with super balances exceeding $3 million, which was hotly debated in the lead-up.

In the immediate aftermath, the Budget has drawn criticism for not offering enough support amid an ongoing crisis, but Treasurer Jim Chalmers has defended the modest support, saying that massive spending would further increase inflationary pressures and negate any positive gains.

"We're confident we got the balance right," Chalmers said.

"Giving people a bit of help without making the cost challenge worse. We're confident that the Budget we've handed down will take some of the cost-of-living pressures off without adding to inflation."

Meanwhile the Federal Opposition claimed that the Budget had left middle-income families behind.

"Under this budget we know interest rates will be higher for longer," said Opposition Leader Peter Dutton.

"For families, they're struggling big time at the moment and there's nothing at all for them in this budget."

What do you think? How will the 2023 budget affect you, if it does at all? Is enough being done to help everyday Australians struggling with the cost of living? Share your thoughts below.