Government Announces Over $14 Billion of Savings in the Budget

Changes to aged care and the NDIS are ’the biggest structural savings to the budget seen in the past decade,' said Katy Gallagher.

Australia's Treasurer Jim Chalmers (Front R) and Finance Minister Katy Gallagher (Front L) arrive for the budget lock-up at Parliament House in Canberra, Australia on May 14, 2024. Tracey Nearmy/Getty Images

The Albanese government has unveiled $14.6 billion (US$9.3 billion) in savings and reprioritisations as part of its Mid-Year Economic and Fiscal Outlook (MYEFO), highlighting structural reforms and spending restraint aimed at shoring up the nation’s budget sustainability.

Treasurer Jim Chalmers and Finance Minister Katy Gallagher detailed the measures on Dec. 17, citing ongoing pressures and unavoidable spending needs.