The 2024-25 Budget Snapshot

This Budget aims to balance keeping pressure off inflation, providing cost-of-living relief, supporting economic growth, and strengthening public finances. The budget plans to help people currently under pressure and invest in a future shaped by Australia. The 2024-25 Federal Budget showcases a surplus of $ 9.3 billion for the current financial year, representing the first back‑to‑back surplus in nearly two decades. The main priorities in the Budget include helping with the cost of living, building more homes, strengthening Medicare and economic management to produce another surplus to help fight inflation. 

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2024-25 Budget Snapshot

Reducing cost of living pressures

-          Providing a tax cut from July 1 with an average cut of $1,888 to Australian taxpayers.

-          $3.5 billion in energy bill relief for Australian households and one million small businesses.

-          An additional $1.9 billion over five years to increase the Commonwealth Rent Assistance by a further 10%.

-          Provide cheaper medicines with a $3 billion agreement with pharmacies.

-          Supporting students by waiving $3 billion of student debt for over 3 million Australians.

-          Investing $1.1 billion to pay superannuation on government funded paid parental leave to benefit around 180,000 families each year.

Housing

-          Investing a further $6.2 billion towards new housing investment, taking the new investment to $32 billion.

-          Providing an additional $1 billion to states and territories to deliver new housing.

-          An additional $1.9 billion in finance for social and affordable housing.

-          Deliver more student accommodation to reduce the pressure on the rental market.

Infrastructure

-          $16.5 billion for new and existing infrastructure over the next 10 years to improve productivity, sustainability, and liveability.

-          Providing $2.2 billion to increase accessibility and reliability to Southeast Queensland transport.

-          $2 billion to improve Western Sydney transport and roads.

-          A further $101.9 million to upgrade regional airports and remote airstrips to improve connections.

Renewable Energy

-         A $7 billion production tax incentives for refining and processing critical minerals.

-         Introducing a $6.7 billion production tax incentive to produce renewable hydrogen.

-         Investing $1.7 billion to promote innovation for net zero, green metals and low-carbon fuels.

-         Provide $1.5 billion towards battery and solar panel supply chains through production incentives.

-         Expanding the Hydrogen HeadStart program by $1.3 billion to invest in the industry’s development.

-         A $134.2 million investment to improve the approval process for renewable energy projects.

Medicare

-         Investing $3.4 billion towards the Pharmaceutical Benefits Scheme.

-         Strengthening Medicare with $2.8 billion in funding.

-          A $2.2 billion investment to improve aged care to support older Australians.

-          $888.1 million to assist Australians in receiving mental health care.

-          Investing in a new disability employment program to assist and prepare Australians with disability to find work.

Other

-         Delivering $925.2 million towards supporting victims leaving a violent partner.

-         Investing $50.3 billion over 10 years towards the National Defence Strategy.

-         $111.1 million towards improving access to essential services for remote First Nations communities in the Northern Territory.

-         $1.1 billion towards higher education to deliver a skilled workforce.

-         An additional $290 million to extend the $20,000 instant asset write off for small businesses.

-         $519.1 million towards the Future Drought Fund for farmers and rural communities.