Australian Federal Budget 2024-25

Helping you understand what the Budget means for Australian households and businesses.
Get the full report

Federal Budget with Chief Economist Luci Ellis

Latest articles

Australian Federal Budget: Final Budget Outcome, 2023-24

September 30 2024 5 mins

The Federal government notched up its second consecutive surplus in 2023-24. The $15.8bn (0.6% of nominal GDP) underlying cash surplus was slightly down on the surplus of $22.1bn recorded in 2022-23, but $6.4bn better than what was expected back in the May budget.

Federal Budget 2024-25: The impact by sector

May 21 2024 7 mins

At first glance, everyone will be a winner following the Federal Budget 2024-25, but what are the likely longer-term outcomes for different sectors of the Australian economy? A team of Westpac analysts digs deeper to find out.

Federal Budget May 2024–25 Infographic

May 15 2024 5 mins

A snapshot of the headline figures and policy highlights of Budget 2024-25.

Key initiatives^

Income tax cuts

$20bn+ per year

Reduces tax paid by an average of $1,888 a year, from 1 July 2024.

Cheaper medicines

$3.4bn

Increase the number of subsidised medicines and reduce the price of medicines by freezing indexation.

Made in Australia

$22.7bn

Support over the next decade to accelerate investment in priority industries.

Rent Assistance

$1.9bn

Maximum rates of Commonwealth Rent Assistance increase by 10%.

Energy Price Relief Plan

$3.5bn

Rebates of $300 for every household on 2024–25 bills and $325 for 1 million small businesses.

Supporting small business

$290m

Extend the instant asset write off for another year. 

Federal Budget 2024–25: Wrap for Businesses

Small Business

What the Federal Budget means for your SME.

Agribusiness

What the Federal Budget means for your Agribusiness.

Healthcare

What the Federal Budget means for your Healthcare business.

Things you should know
^ For key initiatives, cost is for the five years from 2023/24 to 2027/28 inclusive, unless otherwise stated.

  1. Westpac IQ is a service provided by Westpac Banking Corporation here referred to as “Westpac”.
  2. Your access to this service is subject to these terms and conditions, the Westpac Privacy Statement (PDF 354KB), notices, disclaimers and any other statements contained on this website.
  3.  You agree that any view or opinions expressed in the articles or videos contained in Westpac IQ are the author's own and may not necessarily reflect the view or opinions of Westpac.
  4. You agree that any commentary contained in Westpac IQ is not intended as personal advice and to the extent that this material contains any general advice, it has been prepared without taking into account your objectives, financial situation or needs, and because of this, you should, before acting on it, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs.  We recommend that you seek your own independent legal or financial advice before proceeding with any investment decision.
  5. Westpac IQ may contain information in relation to certain financial products. Westpac makes no recommendation to buy, hold or sell these financial products, nor does it make any representations or warranties regarding the financial products. You should make your own decision in relation to the financial products based on your own enquiries, the information contained in the relevant disclosure documents, and the suitability of the relevant financial products to your own investment objectives, financial situation and particular needs. We recommend that you seek your own independent legal or financial advice before proceeding with any investment decision.

Each time someone visits the Westpac IQ website, data is captured so that we can accurately evaluate the quality of our content and make improvements for you. We may at times use technology to capture data about you to help us to better understand you and your needs, including potentially for the purposes of assessing your individual reading habits and interests to allow us to provide suggestions regarding other reading material which may be suitable for you.