Federal Budget date: When is it?
First of all, when is the Australian Budget this year?
Taking a look at the official website, the 2024–25 Federal Budget is slated to drop at approximately 7:30 pm (AEST) on the date of Tuesday, May 14, 2024.
2024 Federal Budget predictions
Cost of living assistance
As has been reported by the AFR, it’s predicted that energy bill relief will be a focus of the 2024-25 Federal Budget, with the outlet theorising that further discounts to power bills may be on the way for Australians.
NAB Group Chief Economist Alan Oster also wrote of the possibility that remote housing will receive a funding boost, along with rental assistance (here’s hoping).
This, combined with recent announcements regarding government-funded paid parental leave now including superannuation payments, HECS Indexation Credits, and new payments for teaching, nursing, midwifery and social work students in mandatory prac placements round out the predicted cost of living support coming in the federal budget.
However, it’s believed that an increase for JobSeeker payments is all but ruled out.
Future Made in Australia Federal Budget focus
There’s been a fair bit of attention placed on the Albanese Government’s Future Made in Australia initiative, which centres on investing Australia’s ability to produce products locally – ideally creating more well-paid jobs.
It is predicted that in the 2024-25 Federal Budget we will see investment incentives announced, with a keen focus on clean energy, Oster shares.
Tax changes in the 2024 Federal Budget
The Budget’s biggest focus when it comes to tax is likely to be the new Stage 3 tax cuts. As we shared earlier in the year, from July 1, every taxpayer will get a tax cut. We’re sure to hear much more on this on budget day.
There has also been talk of a possible ‘business investment allowance’ being announced in this year’s Federal Budget, as a means of encouraging domestic investment. The AFR referred to this possibility as “essentially a turbocharged asset write-off scheme”.
Housing shortages
In an interview with ABC Radio, Dr Chalmers revealed that housing will be a focus of the 2024-25 Federal Budget; stressing that the housing shortage is a central issue for the government.
It’s been reported by the ABC that $400 million has been committed to building and restoring social housing and a further $179 million on affordable housing projects.
News.com.au has also reported that $90.6m has been allocated towards boosting skilled workers in construction and housing.
Other predictions for the Federal Budget
As has been widely reported, it’s been confirmed a new $5,000 emergency support payment will become available to women seeking to escape violent partners. We can expect to hear more on this in the budget.
In addition to the above, there will likely be more on Australia’s investment in defence (warships and the like), and a national firearms register.
Overall, however, Dr Chalmers has cautioned Australians that this Federal Budget won’t be a “big cash splash”. “We are still committed to banking as much as we can,” he shared back in March.
More recently, he said that choices made for this budget reflect the state of the economy in Australia.
“This is not the time to slash and burn in the budget when people are doing it tough and when growth in our economy is weaker than we would like it to be,” he shared – as reported by the Sydney Morning Herald.
“Another point that is often lost is what matters here is not just the quantity of spending in the budget, but the quality of the spending in the budget, the timing of that spending, the sequencing of that spending.”
You’ll be able to catch Treasurer Jim Chalmers deliver his speech via the ABC at 7:30 pm AEST.
Lead Image Credit: Julia Nikhinson/Bloomberg via Getty Images/iStock
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