Federal Budget Virtual Seminar 2024

With the Australian economy the weakest it has been in 23 years, Labor has handed down its third Federal Budget delivering its second consecutive surplus, and setting the Government’s agenda as we head into an election cycle.

While an election is expected by May next year and a pre-election Budget tipped for March 2025, this Budget’s prime focus is on securing Australia’s economic sovereignty, with initiatives such as the Future Made in Australia Act at the forefront.

The government announced a $9.3b surplus this year off the back of generous company tax receipts – a pleasant surprise after the $1.1b deficit forecasted in the Mid-Year Economic and Fiscal Outlook in December. However, this will swing into a $28.3b deficit in 2024-25, with greater deficits in the years following than previously forecasted. Net debt is sitting at $499.9b, and NDIS spending has blown out by $5.4b, to $44.3b in 2023-24.

Watch our virtual seminar to gain insight into proposed budgetary spending and its potential impact on Australian businesses, alongside a discussion on the tax implications and how businesses can prepare for them.