2024 Federal Budget
On Tuesday 14 May, Treasurer Jim Chalmers handed down the Federal Budget for 2024/25, which was eagerly awaited given continued cost of living pressures and high interest rates impacting the financial situation of many Australians.
The Government announced a surplus of $9.3 billion this financial year, its second consecutive surplus, however net debt remains at $500 billion and future budget deficits are forecast for the next four financial years.
Some of the key numbers announced include:
- A surplus of $9.3 billion for 2023/24.
- A forecast deficit of $28.3 billion for 2024/25.
- GDP growth of 1.75% in 2023/24.
- Inflation expected to drop to 2.75% in 2024/25.
- Unemployment expected to rise to 4.5% in 2024/25.
- Net debt of $500 billion in 2023/24.
- Wage growth of 3.25% forecast for 2024/25.
Together with Count Financial, PFW Financial Advice has prepared a budget report that summarises some key points that may impact our clients. These key points are:
- Confirmation of Stage 3 tax cuts
- New power bill relief
- Superannuation
- More investment in renewable energy
- Resources
- Adding housing pressures
- Medicare
- Small business
- Defense
- Rent assistance
To read the full 2024 Federal Budget summary, click here
If you would like further information regarding any of the above, be sure to get in contact.
Until next time,
Regards Rodney.
Rodney Johnstone CFP BBus, DipFP, GradDipAppFin
Authorised Representative of Count Financial Limited
Financial Adviser, FPW Financial Advice Pty Ltd
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