Federal Budget at a glance: focus on power bills, medicines and rent relief

THE BUDGET

  • Budget surplus of $9.3 billion in 2024/25
  • Commonwealth net debt to rise to $552.5 billion (20 per cent of GDP) in 2024/25
  • Economic growth to rise to two per cent in 2024/25
  • Unemployment rate to rise to 4.5 per cent in 2024/25
  • Inflation as measured by Consumer Price Index to be 2.75 per cent in 2024/25
  • Wages to rise by 3.25 per cent in 2024/25

 

KEY MEASURES

  • Every Australian taxpayer receives a tax cut, averaging $36 a week
  • Energy bill relief for all households ($300) and one million small businesses ($325)
  • Increased Commonwealth Rent Assistance for nearly one million households
  • Cheaper medicines for all, with a $7.70 cap for five years for pensioners and concession card holders
  • Student debt relief for more than three million Australians
  • Superannuation payments on government-funded paid parental leave
  • More funds available for building houses, roads and other infrastructure
  • More public money available for women fleeing violence at home and for housing
  • Tax incentives, funds for promotion and other support for the Future Made in Australia initiative

Aaron Sheldrick
(Australian Associated Press)

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