Federal Budget 2024/25: Overview & Reports

Updated May 15th 2024

In his third Federal Budget, Treasurer Jim Chalmers delivered what he says is a budget of “relief, restraint and reform”, with power bill rebates, cheaper medicines and announced tax cuts, aimed at providing some relief to the continuing cost of living crisis.

The centrepiece of the budget the Future Made in Australia package will benefit many small businesses, in addition to the continuation of the instant asset write-off measures for purchases under $20,000.

It’s a different story for mid-size business and high-wealth individuals, with an an extended ATO review, audit and taskforce programs aimed at increasing tax collections from these groups.

In his speech the Treasurer summarised the key elements of the 2024-25 Budget as:

“This Government and this Budget delivers for every Australian:

  • A tax cut for every taxpayer.
  • Wages growing in every industry.
  • A better deal for every working parent.
  • A fairer go at every checkout.
  • New help with energy bills for every household and for small business.
  • Stronger Medicare in every community.
  • More homes in every state and territory.
  • More opportunities in every TAFE and University.
  • A dignified retirement for older Australians.
  • Energy and industry policies that help bring the jobs of the future to every corner of our country.
  • An economic plan where growth and opportunity go together.
  • A Government and a Budget for every Australian.”

Access our Budget Report and Tax & Superannuation Overview for a full analysis.

2024/25 Federal Budget Report

2024/25 Tax & Superannuation Budget Report