The Australian Federal Government's 2024-25 Budget represents a significant milestone with a second successive surplus, marking the first time in almost two decades that there have been back-to-back surpluses.
This budget aims to address the pressing needs of households facing cost-of-living pressures and businesses grappling with rising costs. To achieve these objectives, the budget implements the previously announced Stage 3 tax cuts, granting all taxpayers a tax cut starting July 1, 2024. Additionally, it provides energy bill relief for households and businesses, boosts Commonwealth Rent Assistance, extends the instant-asset write-off for small businesses, and offers debt relief for students.
However, what remains to be seen is whether the government has effectively aligned its fiscal policy with monetary policy to prevent fuelling inflation and potentially prompting further rate hikes by the RBA.
A key highlight of this year's budget is the introduction of the government's $11.3 billion "Homes for Australia" plan, aiming to address housing affordability and availability issues across the country. The plan is multifaceted, focusing on several key areas to achieve its goals and is supported by a $90.6 million construction workforce package.
Budget Summary
Real Estate Related Measures