Treasurer, Jim Chalmers, has announced the Commonwealth Budget for 2024-25. This budget plays a significant role in shaping economic activity, determining government spending priorities, and providing funding for crucial agencies, infrastructure, and services across the country.
Inflation continues to be a primary concern for the government which we can see within their budget strategy to offer relief from the cost of living while also fostering economic growth.
Housing
To address growing housing pressures, the budget will see investments of a further $6.2 billion taking the total investment from the Government to $32 billion since 2022. This will see the expansion of the National Housing Accord, Housing Australia Future Fund and Social Housing Accelerator initiatives already in place.
The Housing Support Program will see their already committed $500 million investment extended by a further $1 billion to ensure new housing is delivered to states and territories.
Infrastructure
The government will focus on livability, sustainability, and productivity with their $9.5 billion pledge towards forward estimates and $16.5 billion over 10 years as well as meeting their deliverables of over $120 billion ten-year infrastructure investment plan.
Some key areas for these deliverables include:
· Better transport for Western Sydney
· Meeting infrastructure needs of SEQ
· Better connections for regional and remote communities
Future Made in Australia
The budget includes a $22.7 billion Future Made in Australia package to assist the continuous growth of the private sector to ensure Australia is an indispensable part of the wider economy.
A full breakdown of the federal budget for 24/25 can be found here Federal Budget
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