Every household will receive $300 in energy bill relief, with Commonwealth rent assistance also set to rise by 10 per cent
The 2024-25 federal budget has the government offering measures it says will cut inflation, which it hopes will prompt the Reserve Bank to cut interest rates before voters go to back to the polls next year. From July, all taxpayers will receive a tax cut, as part of the government's already announced revised stage 3 tax plan.
Treasury forecasts those two measures combined will cut 0.5 percentage points off inflation in 2024-25. The government will also continue to freeze the deeming rates for another year. If the government had lifted the deeming rates, it would have meant 876,000 income support recipients, more than half of whom are on the aged pension, likely would have seen a fall in welfare payments.
Geoscience Australia will also receive half a billion dollars over a decade to map the country's rare earths and critical minerals deposits, to encourage prospective miners. But net debt will still be slightly up on earlier forecasts this year, to just shy of $500 billion, rising to $552 billion next year. Gross debt is expected to hit $1 trillion in 2025-26.Migration, and the broader impact its had on housing supply and affordability, has caused political pain for Labor after record levels of arrivals post-COVID.
The National Disability Insurance Scheme is the second fastest growing payment. It's forecast to grow 9.2 per cent each year, down from the 10.1 per cent forecast in December. Since December, Treasury has forecast an extra $14 billion in NDIS-related spending but the government says it has legislation to offset most of those costs.
There will be a pre-application ballot, initially charged at $25, for a work and holiday visa program for China, Vietnam and India.
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