As we approach the midpoint of 2024, we once again find ourselves heading into budget season. A pivotal time when the Federal and State governments unveil their plans for the upcoming year.
Federal Budget
The Federal budget will be handed down at 7.30pm AEST on Tuesday 14 May 2024.
The Federal budget is always the centrepiece of budget season. In the lead-up to budget night, we can look forward to all of the usual speculation, leaks and pre-emptive announcements.
Citing China’s continuing economic slow-down and escalating geo-political issues in the Middle East (& elsewhere), Treasurer Jim Chalmers has flagged that Australia cannot rely on commodity fuelled growth going forward.
In light of this, the Federal Budget is expected to focus on economic security and on measures to make our economy more competitive, dynamic and innovative. All whilst continuing to try and manage our inflation/cost-of-living troubles.
We have already seen the Treasurer touting the governments budgeting credentials. We have also seen a number of announcements around affordable housing, a National Defence Strategy and plans for a ‘future made in Australia’.
After budget night, all of the detailed budget papers will be published on the official budget website. And as usual, Sky Accountants will provide a comprehensive run-down of the budget for our Sky Update subscribers.
We will also work with our clients to unpack the ‘watch-outs’ and opportunities arising so that they can maximise their position moving forward.
State Budgets
Whilst State budgets don’t typically draw the same level of attention as the Federal budget, they often include significant announcements and should not be ignored.
The following is the schedule for the forthcoming state budgets:
Victoria: The Victorian Budget is scheduled to be delivered on 7 May 2024.
New South Wales: Having handed down a budget in September, NSW is expected to deliver its next budget in June, with the exact date yet to be confirmed. This budget will likely reflect the priorities of the new(ish) Minns Government and address emerging challenges identified in December’s half-year review.
Queensland: The Queensland Budget is expected to be handed-down in mid-2024, with the date yet to be advised.
South Australia: The South Australian Budget is scheduled to be delivered on 6 June 2024.
Western Australia: Treasurer Rita Saffioti MLA will hand-down the 2024-25 budget on 9 May 2024.
Australian Capital Territory: The ACT Budget is confirmed to be delivered on 24 June 2024.
Tasmania: Treasurer Michael Ferguson is all set to deliver the 2024-25 Budget on 30 May 2024.
Northern Territory: The NT Labor Government is expected to deliver its Budget in mid-2024. The date is yet to be confirmed.
In addition to our detailed coverage of the Federal budget, Sky Accountants will provide updates on relevant items from state budgets, ensuring our readers remain informed about the latest developments.
As budget season unfolds, stay tuned for all the analysis and insights you need to keep on-top of everything that you need to know.
Sky Accountants Ballarat
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