top of page
  • Writer's pictureLyle Greig

2024 Federal Budget

Updated: May 24

On Tuesday 14 May 2024, the government handed down the 2024 Federal Budget. To help you understand the Budget proposals and what they mean, I have summarised below.



 The numbers

 

Budget - surplus of $9.3 billion for 2023/24 and forecast deficit of $28.3 billion for 2024/25


GDP - 1.75%


Inflation - forecast to fall to 2.75%


Unemployment - forecast to rise to 4.5%


Wage growth - forecast 3.25%


Net debt - $500 billion

 

Budget announcements

 

Stage 3 tax cuts - see how much you will save https://taxcuts.gov.au/calculator


Power bill relief - energy bill credit of $300 for households and $325 for businesses


Super for paid parental leave - commences from July 2025


Renewable energy - $65 billion by 2030 and $27.7 million for energy resources into the grid


Resources - $8.8 billion for critical mineral supply chains


Housing pressures - $6.2 billion for housing initiatives


Medicare - $2.8 billion to strengthen the health system


Small business - $20,000 instant write-off extended to June 2025


Defence - extra $50.3 billion over a decade


Rental assistance - maximum lifted by 10%


Student debt relief - indexing of HELP or HECS debt now the lower of inflation or wage growth back dated to June 2023 meaning debt to reduce by $1,200 on average


Payday super - super paid at the same time as wages from July 2026


Social security - deeming rate freeze extended to June 2025


Aged care - 24,100 additional home care packages


For more information, visit the official Federal Budget website https://budget.gov.au/


9 views0 comments

コメント


bottom of page