Federal Budget 2025
Last week we saw the release of Australia’s Federal Budget 2025-2026 by Treasurer Jim Chalmers, which outlined updates to key economic forecasts. The announcement has implications for every Australian individual and business in areas such as health, education, climate change, property ownership, business tax and more.
The key initiatives were as follows:
- Helping with the cost-of-living:
- By delivering new tax cuts for every taxpayer, extending the energy bill relief, reducing student debt, and capping PBS scripts
- Strengthening Medicare
- By boosting funding to public hospitals, growing the workforce of doctors and nurses, and creating more choice and better healthcare for women
- Making it easier to buy and rent a home:
- By building more homes faster through modern construction methods; and expanding Help to Buy, banning foreign buyers from purchasing existing dwellings for two years, and offering up to $10,000 for eligible apprentices in housing construction occupations
- Investing in every stage of education:
- By building a new universal early childhood education and care system, guaranteeing eligibility for at least 3 days a week of subsidised early childhood education and care, reviewing fairer funding for public schools, making free TAFE permanent and reforming our universities
- Building a stronger economy:
- By implementing new National Competition Policy measures, building a Future Made in Australia, including over $3 billion to support green metals production, $2 billion expansion of the Clean Energy Finance Corporation
- Broadening opportunity and increasing equality
- By driving progress on economic equality for women and over $4 billion to address gender-based violence, increasing support for critical services in remote First Nations communities in the Northern Territory, $423.8 million to support people with disability
What specific inclusions will have an impact on small and medium business owners?
In addition to the initiatives above, some relief for business owners will be found in the following:
- Energy efficiency grants for the upgrade of appliances and heating systems
- Energy bill rebates
- Support for the hospitality and alcohol production sectors through excise and duty rates relief
- Strengthening of the ACCC’s enforcement of the Franchising Code
- Extension of Unfair Trading Practices protection for small businesses
- Continued support for small businesses to increase cyber security and digital capabilities through various programs
- Introduction of the Buy Australian program to encourage consumers to by Australian made products
- Tax relief for sole traders through the all-Australian tax cuts
If you are interested in knowing specifically how the new federal budget initiatives will impact you and your business, please don’t hesitate to call us.
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