The 2023-24 Australian Federal Budget has just been announced and it includes a range of measures aimed at supporting households and businesses through tough economic times.
One of the key highlights of the budget is the energy bill relief for some households and small businesses. This initiative aims to reduce energy bills by providing financial support to eligible households and small businesses struggling with high energy costs.
Another significant measure in the budget is aimed at encouraging doctors to offer bulk billing services to their patients. The government has tripled the incentive for doctors to offer bulk billing to children under 16, pensioners, and other Commonwealth cardholders. This initiative aims to make healthcare more affordable and accessible to these vulnerable groups.
The budget also includes increases to Commonwealth rent assistance, which will provide much-needed support to low-income households struggling to pay their rent. This initiative aims to reduce financial stress for those living in rental properties and help them maintain their tenancies.
The government also announced an increase in income support payments, including JobSeeker, to help Australians who are struggling financially due to the ongoing economic impact post COVID-19. This measure will provide some relief to those who have been affected by the pandemic and are struggling to make ends meet.
Single parents will also benefit from the budget, with the government expanding access to the single parenting payment. This initiative aims to provide financial support to single parents, who often face additional financial pressures due to the costs of raising children on their own.
For small businesses, the $20k instant asset write-off is back. This measure aims to encourage small businesses to invest in assets that can help them grow and expand, while also providing some much-needed financial relief to those struggling to keep their businesses afloat.
Even these measures aim to reduce financial stress, increase access to essential services, and support economic growth and recovery in the wake of the COVID-19 pandemic, many Australians and commentators are questioning the impact this budget will have on inflation, and stemming the flow of interest rate rises. MWM have consolidated their insights and analysis on the 2023-24 Budget outcomes. Click below to download your copy of MWM’s ‘Ace in the Hole’ Budget 2023-24 today!