Australia: 2024 federal budget released
The KPMG member firm in Australia has summarized and analyzed the budget announcements and its implications for various sectors and businesses.
Australia’s 2024 federal budget was released on 14 May 2024.
The KPMG member firm in Australia has summarized and analyzed the budget announcements and its implications for various sectors and businesses. In particular, the budget is evaluated in the context of the following topics:
- Individuals
- Business tax
- Mid-market tax
- Business support
- Financial services and superannuation
- Skills and workforce
- Climate and energy
- Transport and infrastructure
- Social housing and real estate
- Health and aged care
- Human services
- Defense
- National security and cyber
The budget includes tax rate reductions for many taxpayers, particularly low-and-middle income earners. Also notable, the budget proposes expansion of the foreign resident capital gains tax regime and new tax incentives for critical minerals and hydrogen production.
Read a May 2024 report prepared by the KPMG member firm in Australia, including a comprehensive analysis
Following release of the budget, Treasury released the associated budget papers:
- Budget Paper No. 1 | Budget Strategy and Outlook
- Budget Paper No. 2 | Budget Measures
- Budget Paper No. 3 | Federal Financial Relations
- Budget Paper No. 4 | Agency Resourcing
- Women’s Budget Statement
Budget 2024 factsheets are also available on the Treasury’s budget website.
In addition, the Australian Taxation Office (ATO) released a series of statements regarding the budget:
- Strengthening the foreign resident capital gains tax regime
- Extending the ATO’s retention framework
- Hydrogen Production and Critical Minerals Tax Incentives
- New Royalty Penalty and withdrawal of intangibles measure
- Changes to offsetting debts on hold
- Small Business Support – $20,000* instant asset write-off
*$=Australian dollar