Federal Budget 2024-25: Key Points
Budget Overview
On Tuesday, May 14, 2024, Treasurer Jim Chalmers delivered the 2024-25 Federal Budget, focusing on easing cost-of-living pressures, building more homes for Australians, investing in future domestic industries, and strengthening the country's financial position.
Key Measures
The budget includes measures to:
- Provide tax relief for low- and middle-income earners
- Increase funding for healthcare and education
- Invest in renewable energy and infrastructure
- Build more affordable housing
- Reduce emissions and support climate action
Economic Forecasts
The budget also updated key economic forecasts:
- GDP growth: 2.5% for 2024-25
- Inflation: 3.5% in 2024-25
- Unemployment: 4.5% in 2024-25
Fiscal Outlook
Despite these measures, the budget projects a deficit of $283 billion in 2024-25, due to ongoing pressures on government spending. However, the government expects the deficit to decline over the medium term.
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