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Federal Budget with Chief Economist Luci Ellis

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At first glance, everyone will be a winner following the Federal Budget 2024-25, but what are the likely longer-term outcomes for different sectors of the Australian economy? A team of Westpac analysts digs deeper to find out.

A snapshot of the headline figures and policy highlights of Budget 2024-25.

The key implications for Australia's economy.

Key initiatives^

Income tax cuts

$20bn+ per year

Reduces tax paid by an average of $1,888 a year, from 1 July 2024.

Cheaper medicines

$3.4bn

Increase the number of subsidised medicines and reduce the price of medicines by freezing indexation.

Made in Australia

$22.7bn

Support over the next decade to accelerate investment in priority industries.

Rent Assistance

$1.9bn

Maximum rates of Commonwealth Rent Assistance increase by 10%.

Energy Price Relief Plan

$3.5bn

Rebates of $300 for every household on 2024–25 bills and $325 for 1 million small businesses.

Supporting small business

$290m

Extend the instant asset write off for another year. 

Federal Budget 2024–25: Wrap for Businesses

Small Business

What the Federal Budget means for your SME.

Agribusiness

What the Federal Budget means for your Agribusiness.

Healthcare

What the Federal Budget means for your Healthcare business.

Things you should know
^ For key initiatives, cost is for the five years from 2023/24 to 2027/28 inclusive, unless otherwise stated.

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