2024 Federal Budget update

The 2024-25 Federal Budget has been announced.

The Chamber welcomes the Budget’s focus on cost of living and provisions geared towards small business – such as energy bill relief, Stage Three Tax Cuts, instant asset write-off, and mental health support.

The Budget recognises the pressure on individuals and households but not the knock-on effect that has on business.

Business costs continue to rise, the labour market is competitive and restrictive due to industrial relations laws, and red tape is everywhere.

Budget highlights include:

• $9.3M surplus announced.
• $22.7 billion Future Made in Australia package to facilitate private sector investment in clean energy businesses and skills.
• $6.2 billion for Homes for Australia Plan to deliver affordable housing.
• $1 billion towards transitional crisis accommodation for youth, and women and children experiencing domestic violence.
• 10% increase for rent assistance recipients.
• $20.5 million to assist small business employers to comply with workplace laws.
• $10.8 million over two years to 2025–26 to continue delivering mental health and financial counselling support for small business owners.
• $325 energy bill relief for small businesses and $300 rebate for households.
• The instant asset write-off has been extended for another year. Businesses with a turnover of $10 million can write off up to $20,000.
• Live sheep exports will be phased out by 2028, and $107 million will be invested over five years to assist the transition.
• From 1 July 2024, 457 export tariffs will be abolished.
• Rail investment between Brisbane and Sunshine Coast ahead of the Olympics.
• Cost of living relief tax cuts for workers in every tax bracket.
• Student debt wiped, $3 million debts removed.
• $319.50 weekly payment for placement students in teaching, nursing and midwifery, and social work courses.
• $310 million to freeze cost of PBS-listed medications for everyone with a Medicare card.
• Medicare levy increase for low-income thresholds.
• 24,100 home care packages for aged care.
• Rent assistance of $250 fortnight for welfare recipients.
• Publicly funded paid parental leave increased by $106 a week.