Budget 2024/2025

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On 14 May 2024, Treasurer Jim Palmers handed down the 2024-2025 Federal Budget.

“We have delivered the first back-to-back budget surpluses in nearly two decades, keeping the pressure off inflation and supporting a stronger, more sustainable economy” Treasurer Jim Chalmers .

 

As the saying goes, you can’t teach an old dog new tricks and much like the saying, the Labor government has stuck to their party line of “Cost of living help” and they’ve tacked on “& a future made in Australia”.

The budget focuses on easing cost living pressures, building more homes or Australians, Investing in a Future Made in Australia, Strengthening Medicare and Broadening opportunity and advancing equality. The major standout is 13.6m Australians will get a tax cut average $36 per week. There will be plenty of debate about who should have benefitted from tax cuts.

 

Click HERE to view pdf of Federal Budget Summary 2024-25

 

AT A GLANCE

13.6m Australians will get a tax cut averaging $36 a week

$300 energy bill relief every household and 1m businesses

$3b in student debt waived for 3m Australians

$6.2b new housing investment

$1b funding to states to build more homes

$16.5b funding for additional infrastructure projects

$22.7b to become a renewable energy superpower

$466.4m to advance quantum computing

$2.8b to strengthen Medicare

$3.4b to PBS for cheaper medicines

$2.2b to improve aged care

$925m for victims leaving violent intimate partners

$1.1b super on Government paid parental leave

Our budget paper can be found here.

If you would like more information on how the Budget will impact you or your business, please speak to your Trident account manager or contact us on 03 9899 4036.

 

Kind regards

 

Trident Financial Group