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Strengthening Foundations
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 increased by $5.4b, to $44.3b in 2023-24.
Watch our national Federal Budget Virtual Seminar, where Journalist and Television Presenter Hugh Riminton, Chief Economist Besa Deda, and Grant Thornton Partner Jared Grima unpack the proposed Budget spending and how the Budget will impact Australian businesses.
Following this session, tax specialists Daniel Kave, Christine Cornish and Anika Reside facilitate a deep dive into the tax implications and how to prepare your business.
Watch our Federal Budget recap with Grant Thornton Partners Vince Tropiano and Cliff Chang as they give their first impressions on the Federal Budget. Hear about the key spending and what this means for you and your business.
