The government has submitted to the Diet a draft budget for the new fiscal year, FY2023, with a total of 114,381.2 billion yen in the general account.
The scale of expenditures is the largest ever due to a significant increase in defense spending.
The government officially decided on the budget for the new fiscal year at the cabinet meeting on the 23rd and submitted it to the ordinary session of the Diet.
The total amount of the general account was 114.3812 trillion yen, exceeding the initial budget for FY2022 by 6.7848 trillion yen.
Of the expenditures,
▽“Defense expenditure” was 6,788.0 billion yen, 1,419.2 billion yen higher than this fiscal year, due to the drastic strengthening of
defense capabilities. 3,380.6 billion yen was allocated as "Defense Strengthening Fund" to be allocated.
In addition,
▽Social security expenses increased by 615.4 billion yen to 36.8889 trillion yen due to growth due to aging.
▽ We have set aside 5 trillion yen for "preliminary funds" to prepare for the new corona and measures against soaring prices.
On the other hand, in
terms of revenue, we expect tax revenue to reach a record high of 69.44 trillion yen,
and
non-tax revenue of 9.3182
trillion yen. It will be funded by issuing government bonds.
Although the amount of new government bonds to be issued as debt will be 1.303 trillion yen less than the initial budget for this fiscal year, the composition of relying on government bonds for more than 30% of revenue remains unchanged and the severe financial situation continues.
Chief Cabinet Secretary Matsuno "Respond sincerely to Diet deliberations"
At a press conference after the cabinet meeting, Chief Cabinet Secretary Matsuno said, "In addition to the budget bill for FY2023, the tax reform bill, the bill to realize GX = Green Transformation, the bill to strengthen the control tower function of infectious disease control, etc. I would like to ask for deliberations on budgets and bills that are directly related to people's lives.