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/