Our Guide to the Federal Budget 2024-25
The Budget is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. Below are the highlights from the 2024-25 Federal Budget.
Below are the highlights from the 2024-25 Federal Budget, handed down by Treasurer Jim Chalmers. To read our full informative guide, please click the link below.
The key measures included:
- Previously announced Stage 3 tax cuts.
- $300 energy bill relief for all Australian households and $325 for eligible small businesses — applied as an automatic quarterly credit.
- Student HELP debts will be cut by changing the way indexation is calculated. From 1 June 2023, it will be the lower of the CPI or the Wage Price Index (WPI), reducing the debt accumulated by more than 3 million Australians when the CPI spiked to 7.1%.
- Increase to the Commonwealth rent assistance maximum rates by 10% from 20 September 2024.
- One year freeze on the maximum Pharmaceutical Benefits Scheme (PBS) patient co-payment for Medicare card holders and a five-year freeze for pensioners and other concession cardholders.
Those with large superannuation balances will be disappointed that the 30% tax on super earnings on balances above $3 million remains in place, set to commence from 1 July 2025.
- Stage 3 tax cuts confirmed
- $300 energy bill relief for all households
- HELP debt indexation changed to lower of CPI or WPI
- 10% increase to Commonwealth rent assistance from September 2024
- 30% tax on super balances above $3m proceeds from 1 July 2025
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