2024-2025 Federal Budget Announcement

Jim Chalmers, Treasurer of Australia under the Albanese Government, presented the Australian Federal Budget on Tuesday, May 14 2024.

By Aaron Garry

The Federal Budget sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year (i.e. the 2024/25 financial year), the proposed conduct of Australian Government operations in that period, and its fiscal policy for the forward years. As for any budget, enabling legislation will need to be passed through both houses of the Federal Parliament so that these measures can be available.

As with the previous year's budget announcement, Australia continues to grapple with inflation, which remains a key challenge for the government. With interest rates still remaining at the same level, the budget focused on economic growth, cost-of-living relief, and investment in key sectors, with the aim of driving down inflation.

This year’s budget will once again have implications for businesses operating in Australia, including global businesses with operations in the country. As such, it is essential to keep a close eye on the budget announcements and understand how they may impact your operations.

Our team has reviewed the Federal Budget papers and summarised the key issues we feel may be relevant to our clients operating businesses here in Australia, and these are split into the following sections:

• Economic Outlook
• Small Business Incentives and Tax Changes
• Industry-Specific Announcements

To read our 2024-2025 Federal Budget Summary, please click here: 2024-2025 Federal Budget Announcements

Published: 17th May 2024