Australian Federal Budget 2025 – Insights from Bentleys
By Tony Sacre, CEO, Bentleys Network
On Tuesday, 25 March, Treasurer Jim Chalmers will deliver his fourth federal budget. The delivery date of this year’s budget has been a moving target, as it was expected that Prime Minister Anthony Albanese would call an election on 12 April. However, ex-Tropical Cyclone Alfred put a stop to that speculation, and the Treasurer and his team are now preparing with haste for budget night.
The general sentiment has been that this budget was not anticipated to be delivered before an election, so should we expect any surprises? Many of the Labor Party’s policies have already been announced, but there may still be new developments.
What we know – Key election campaign promises from Labor
The government has already announced a swathe of programs in their campaigning, including:
- $8.5 billion boost to Medicare to expand bulk billing incentives and $644 million for urgent care clinics.
- $9 billion for upgrades to the Bruce Highway in Queensland.
- $4.8 billion for NSW public schools.
- $2.4 billion to protect jobs at Whyalla Steelworks in South Australia.
- $626 million for construction apprenticeships.
What’s anticipated – Expectations around additional budget focus areas
In the current environment, other areas expected to be addressed in this budget include:
- Cost-of-living relief, to extend on previously promised energy bill relief.
- Funding to address housing supply issues.
- Support for the childcare industry.
With the tax cuts introduced on 1 July 2024, it remains unclear whether there will be further announcements regarding changes to the tax regime.
Other potential influencing factors
Current geo-political pressures, especially US trade wars, are dominating current headlines. It raises the question of what impact global tension will have on the economic future for Australians – and will the government put measures in place to deal with this?
While this year’s budget may not hold a lot of surprises, it will still be one that will be observed with keen interest.
Our team of specialists at Bentleys will collaborate on budget night to assemble their insights into what the budget means for you, your family, and your business. Their collective wisdom offers expert perspectives that we look forward to sharing.
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At Bentleys, we are here to help you get where you want to be. Whether you need advice on navigating the implications of the federal budget or strategic guidance for your business, our experts are ready to assist. Contact us today.