Budget 2024 AustraliaBudget 2024 Australia

The Federal Budget 2024 Australia is a comprehensive financial plan that outlines the government’s revenue and expenditure for the upcoming fiscal year. It is a crucial document that reflects the government’s priorities and sets the stage for economic growth and development.

The budget is prepared by the Treasurer in consultation with various departments and agencies. It takes into account the current economic conditions, projected revenue, and the government’s policy objectives. The budget aims to strike a balance between stimulating economic growth, maintaining fiscal discipline, and addressing the needs of the Australian population.

Revenue Sources: The complete Budget 2024 Australia relies on various sources of revenue to fund government programs and services. These sources include income tax, goods and services tax (GST), corporate tax, and other levies and charges. The government aims to ensure a fair and equitable distribution of the tax burden while promoting economic growth and investment.

The complete 2024 Australia Budget

Low-income Renters – The signature cost-of-living measure is a $359bn,10-year tax cut package announced in January, which includes a reduction in the bottom tax rate from 19% to 16%.

Renewable energy manufacturing businesses – The government aims to enhance the domestic production of solar panels and strengthen the green hydrogen sector. To achieve this, local manufacturers of solar panels will receive various forms of assistance, including subsidies, grants, and other forms of support.
Additionally, the government plans to allocate $1.5bn towards enhancing the country’s capacity and resilience against potential disruptions in the supply chain, particularly from countries like China, which currently dominates around 80% of the global solar panel market.
By providing these incentives and investments, the government seeks to promote local manufacturing, reduce dependence on foreign suppliers, and foster the growth of sustainable energy industries within the country.

Women – The government has allocated a significant amount of funding towards various women’s health initiatives. This includes $56m, which will be used to support these initiatives. Specifically, $12.5m will be provided over a span of four years to the National Aboriginal Community Controlled Health organization, enabling them to offer free period products. Additionally, $7m will be allocated over four years to provide support for women and families who have experienced miscarriages.

Furthermore, $5.2m will be dedicated over three years to train healthcare professionals in the insertion and removal of long-acting reversible contraceptives, as well as providing training for general practitioners to enhance their ability to treat menopause. These initiatives aim to address the existing disparities in women’s health and ensure better healthcare outcomes for all.

Small businesses – Apart from the assistance provided for household energy bills, approximately one million small businesses will qualify for a $325 rebate towards their electricity expenses.

Pensioners, cancer patients and Australians requiring PBS medicines – The subsidies will receive a total allocation of $469.1m from the government’s budget. Furthermore, the government has allocated $3.4bn to list new medicines on the PBS, encompassing treatments for cardiac disease and a breast cancer medication that will significantly reduce the cost per treatment from approximately $100,000 to $31.60.

In addition to these investments, the government has committed $1.4bn over the next 13 years to the Medical Research Future Fund. This funding will include over $400m specifically dedicated to low survival cancers and initiatives aimed at addressing health inequities.