2024-25 Federal Budget
On Tuesday, 14th may 2024, treasurer Jim Chalmers delivered his third budget which looks to help ease cost of living pressures whilst attempting not to add fuel to the inflation fire.
Delivering their second consecutive budget surplus the Labor government aims to strike a delicate balance through the reannouncement of tax cuts, new energy bill relief and a freeze on the cost of medicines and social security deeming rates.
Our budget overview touches on:
- Tax cuts for every Australian Taxpayer
- Superannuation – Government Funded Paid Parental Leave
- $20,000 instant asset write-off for small businesses
- Energy Bill Relief for Australian households
- Pharmaceutical Benefits Scheme (PBS) updates.
Social security and aged care
- Deeming rates to stay frozen in 2024-25
- Additional work flexibility for those in receipt of Carer Payment
- Commonwealth Rent Assistance – increase the maximum rates
- More home care packages.