A much-vaunted plan to make Australia a nation that makes things again is a good start but needs more work, business groups say. The centrepiece of Treasurer Jim Chalmers’ third budget was the $22.7 billion Future Made in Australia fund to bring manufacturing back onshore and...
Up to four million small businesses will continue to receive tax relief as they battle slowing consumer spending, but calls to increase support have been unheeded. The instant asset write-off has been extended until the end of June 2025, allowing businesses with an annual turnover of...
FEDERAL BUDGET SUMMARY ECONOMY * Budget surplus of $9.3 billion in 2023/24 * Deficits of $28.3 billion in 2024/25, $42.8 billion in 2025/26, $26.7 billion in 2026/27 and $24.3 billion in 2027/28 * Commonwealth net debt rising to $552.5 billion (20 per cent of gross domestic product) in 2024/25,...
AN ARMCHAIR GUIDE TO BUDGET24 TERMINOLOGY: * FEDERAL BUDGET: A plan for collecting, spending and borrowing, with income from taxes and investments mostly spent on social security and welfare, health, education, defence and paying interest on debts * BUDGET PAPERS: Hundreds of pages of economic forecasts, financial...
Tax breaks to supercharge the production of renewable hydrogen for use as a fuel and other applications are part of the federal budget’s push for net-zero prosperity. The global renewable hydrogen race is already well underway as advanced economies compete with Australia to host production facilities...
The next era of prosperity is the centrepiece of a “future made in Australia” budget that seeks to get more value out of critical commodities. Tax breaks for the critical minerals sector are part of the “growth agenda” announced by Treasurer Jim Chalmers on Tuesday as...