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2024-25 Federal Budget

2024-25 Federal Budget

On 14 May 2024, Treasurer Jim Chalmers handed down his third Federal Budget.

Against the backdrop of inflationary pressures and the weakest Australian economy in more than two decades, Dr Chalmers stated that the 2024-25 Budget was for the “here and now and the decades to come”. With an election likely in the next 12 months, the Federal Government expressed that this Budget invests in the promise and potential all Australians can achieve together.

The Budget forecasts a surplus in the 2023-2024 year, followed by larger deficits than expected across the next four years. Cost-of-living relief was front and centre in the 2024-25 Budget, with electricity bill rebates for households and businesses, social housing investment, rent assistance, and the Stage 3 tax cuts. From 1 July 2025, payment of superannuation on paid parental leave will commence, adding to the reforms that have already been legislated.

The Government also unveiled the Future Made in Australia Act and plans to spend $22.7 billion over the next decade on initiatives like tax incentives for green energy, domestic manufacturing of solar panels and battery production.

Click to download HLB Mann Judd’s Federal Budget Alert