Australian Federal Budget 2024-25

Helping you understand what the Budget means for Australian households and businesses.
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Federal Budget with Chief Economist Luci Ellis

Latest articles

2024-25 MYEFO: Surpluses left in the rear-view

December 18 2024 6 mins

Deficits are forecast to worsen across the forward estimates by a cumulative $21.7bn, compared with the May Budget. Public borrowing to reach 6½% of GDP by 2025-26.

FY25 Mid-Year Economic and Fiscal Outlook: Debt Statement highlights

December 18 2024 10mins

Our quick response to the FY25 Federal Budget MYEFO and Debt Statement. We also estimate the AOFM's updated funding requirement for FY25 and forward projections.

2024-25 MYEFO Preview: Today’s revenue sugar-rush, tomorrow’s inevitable fallout

December 11 2024 6 mins

2024-25 Mid-Year Economic and Fiscal Outlook to show a deterioration in coming years. National public borrowing to reach 6¼% GDP by 2026-27.

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.

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