2024-25 Federal Budget Update

Labor’s third Budget, unveiled on May 14, prioritised alleviating the cost of living for Australians. Treasurer Jim Chalmers emphasised its responsibility in balancing household support with economic stability. Key highlights include:

Tax Cuts:

  • Stage 3 tax cuts, effective 1 July 2024, will provide all tax payers with tax savings.
  • The savings range from $354 for those earning $30,000 to $4,529 for incomes exceeding $190,000.
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