Federal Budget 2024 – 25

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Federal Budget 2024 - 2025

Federal Government Budget Page

On Tuesday, 14 May 2024, Treasurer the Hon Jim Chalmers MP brought down the Labor Government’s 2024-24 Budget.  The main priorities of the budget are:

  • Helping with the cost of living.
  • Building more homes for Australians.
  • Investing in a Future Made in Australia – and the skills and universities we’ll need, to make it a reality.
  • Strengthening Medicare and the care economy.
  • Responsible economic management, which is set to produce another surplus and help fight inflation.

For more information about the Budget please go to https://budget.gov.au/.

Read more:

Budget Highlights:

The key numbers:

  • Surplus of $9.3 billion for 2023-24
  •  GDP forecast to grow by between 2% and 2.75% through the forward estimates
  • Inflation h is expected to decrease to 2.75% by the end of 2024-25

Key Measures:

Easing cost-of-living pressures

  • All 13.6 million Australian taxpayers will get a tax cut, averaging $36 a week
  • $3.5 billion for $300 in energy bill relief to all Australian households; plus relief for one million
    small businesses
  • Waiving $3 billion in student debt for more than 3 million Australians
  • $1.9 billion to increase Commonwealth Rent Assistance by a further 10 per cent,
    benefiting nearly 1 million households
  • Cheaper medicines as part of the up to $3 billion agreement with community pharmacies

Building more homes for Australians

  • New housing investment of $6.2 billion, for a total of $32 billion under this Government
  • An additional $1 billion to help states and territories build more homes
  • More student accommodation
  • $16.5 billion additional funding for infrastructure projects to connect our cities and towns

Investing in a Future Made in Australia

  • $22.7 billion to become a renewable energy superpower and strengthen our
    economic resilience
  • $1.1 billion to reform higher education and support future productivity
  • $466.4 million to advance Australia’s quantum computing capabilities

Strengthening Medicare and the care economy

  • $2.8 billion to strengthen Medicare, including a further 29 Medicare Urgent Care Clinics
  • $3.4 billion for new and amended listings on the Pharmaceutical Benefits Scheme
  • $2.2 billion to improve the aged care system
  • $888.1 million to help people get the mental health care they need
  • Funding set aside towards increased aged care and child care wages

Broadening opportunity and advancing equality

  • $925.2 million for victim-survivors leaving violent intimate partner relationships
  • $1.1 billion to pay superannuation on Government-funded Paid Parental Leave

 

External Budget Summaries

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