The Student Guide to the 2023 Federal Budget

We break down everything you need to know.

The federal budget was announced last night, and as boring as it might sound, it’s worth listening up to see how it affects you – as a young person and as a student.

But instead trying to make you decipher the budget yourself, we’re highlighting some of the most important info that you need to know about.

Check out our video guide below.

Financial impacts on studies.

If you’re currently studying, planning on studying, and/or looking for work – here’s what the budget entails.

While it’s not exactly new news, part of the federal budget was the 7.1% indexation on uni HECS loans. If you’re not sure what this exactly means (spoiler alert – we’re not ok), we give you the run down here.

The budget is funding 300,000 fee-free TAFE and vocational education training places between 2024 to 2026.

According to YahooFinance, Treasurer Jim Chalmers said “the investment will help to create more opportunities for Australians in “critical” sectors,” which includes industries in the care, clean energy and digital sectors.

People on income support payments like JobSeeker Payment, Youth Allowance, and Austudy will see a $40 increase per fortnight in their support payments to eligible people.

Rent relief.

For those who are renting, the budget is providing the largest increase to Commonwealth Rent Assistance in over 30 years.

The Sydney Morning Herald reports that the increase “will average at $24 more a fortnight for those paying over the maximum threshold”.

We won’t say no to a bit of help, but in reality… is $20 a week going to make an impact during this cost-of-living crisis?

GP appointments are becoming more accessible.

The government is tripling bulk-billing incentives to “make it easier and cheaper to see a doctor and strengthen the foundations of Medicare.”

This will apply to children under the age of 16, pensioners and other Commonwealth concession card holders, and includes face-to-face, telehealth and videoconference consultations.

Further crackdown on vaping.

It’ll probably come as no surprise that the budget has highlighted the prevalence of vaping.

Just last week, the federal government announced a ban on single use vapes, with the crackdown specifically targeted at youth vaping.

The budget includes national health campaigns, expanding the Tackling Indigenous Smoking program, and “increasing and enhancing supports to quit”.

The government will also propose “stronger regulation and enforcement of e-cigarettes, including new controls of their importation, contents and packaging.”

The new measures will cost the government a total of $234 million dollars. The governments also announced a rise in the tobacco tax to combat nicotine addictions.