2024/25 Federal Budget

2024/25 Federal Budget

Treasurer Jim Chalmers has delivered his third Budget, prioritising boosting private sector investment to “fund and finance the future”.

He was tasked with improving growth without fuelling inflation amidst weak and uncertain domestic and global economic outlooks, and this has resulted in a relatively measured Federal Budget.

The 2024-25 Budget, which seeks to secure Australia’s future economic prosperity by providing assistance to Australians with cost-of-living pressures as well as delivering on the Federal Government’s Future Made in Australia plan, includes the following headline measures:

  • Investing in a Future Made in Australia: $22.7b of investment over the next decade to build a Future Made in Australia, which is a plan to maximise the economic and industrial benefits of the net zero transformation.
  • Cost-of-living relief measures
    • $300 energy relief for all Australian households and $325 for eligible small businesses,
    • the waiving of $3bn in student debt through amendments to the approach to HECS indexation,
    • increasing the maximum Commonwealth Rent Assistance amount,
    • and cheaper medicines.
  • Building more homes for Australians, including new housing investment of $6.2bn.;
  • Significant investment in Medicare.  

After an expected second successive surplus of $9.3 billion for 2023-24, the Government is headed back into deficit for 2024-25 year, predicted to be $28.3 billion.The Government’s focus is to stimulate economic growth through encouraging businesses to invest, while maintaining cost-of-living relief balanced against a predicted easing of inflationary pressures.

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Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.


Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Copyright © 2022 Armada Accountants & Advisors.
ALL RIGHTS RESERVED 

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