Budget 2024-25: Other
Budget 2024-25 Article Quicklinks
Women’s Budget Statement
This year, the Government launched Australia’s first national strategy with an explicit focus on achieving gender equality. Working for Women: A Strategy for Gender Equality (Working for Women) is the Government’s ten-year commitment to ‘shift the dial’ on gender equality.
The Women’s Budget Statement is now a reporting mechanism for Working for Women. From this Budget onward, the Women’s Budget Statement will report on the Government’s investments to implement Working for Women.
The 2024–25 Women’s Budget Statement focuses on five priorities, which mirror the priority areas of Working for Women:
Gender-based violence
Unpaid and paid care
Economic equality and security
Health
Leadership, representation, and decision-making.
The Government has announced measures as part of the Federal Budget to:
Take urgent action through the National Plan to End Violence against Women and Children 2022–2032 to address the epidemic rates of violence in Australia.
Permanently establish ongoing financial support through the Leaving Violence Program for victim-survivors leaving a violent intimate partner relationship.
Increase funding to assist women and children fleeing domestic violence with crisis and transitional accommodation.
Provide cost-of-living relief to all women taxpayers and reduce disincentives to their workforce participation via the legislated tax cuts.
Deliver additional energy bill relief and increase the maximum rates of Commonwealth Rent Assistance.
Invest in women’s health to address the higher health costs faced by women, while ensuring greater choice, access, and support.
Reform the HELP debt indexation and introduce a new Commonwealth Prac Payment.
Introduce a superannuation guarantee equivalent payment on Government-funded Paid Parental Leave from 1 July 2025.
Provide funding towards wage increases for aged care workers and early childhood educators.
Introduce the Building Women’s Careers program that will boost women’s participation in construction, clean energy, and advanced manufacturing industries, and technology and digital sectors (as part of the Future Made in Australia initiative to reduce industry gender segregation).
Safe and Responsible A.I.
$39.9 million over five years from 2023–24 will be provided for the development of policies and capability to support the adoption and use of artificial intelligence (AI) technology in a safe and responsible manner, including:
$21.6 million over four years from 2024–25 to establish a reshaped National AI Centre (NAIC) and an AI advisory body within the Department of Industry, Science, and Resources.
$15.7 million over two years from 2024–25 to support industry analytical capability and coordination of AI policy development, regulation, and engagement activities across government, including to review and strengthen existing regulations in the areas of health care, consumer, and copyright law.
$2.6 million over three years from 2024–25 to respond to and mitigate against national security risks related to AI.
The Digital Transformation Agency will also develop and implement policies to position the government as an exemplar in the use of AI, with costs to be met from within existing resources.
Quantum Computing Capability Development
$466.4 million has been provided for a financing package of equity and loans provided by Export Finance Australia on the National Interest Account to PsiQuantum Pty Ltd to support the construction and operation of quantum computing capabilities and associated investment in industry and research development in Brisbane, as part of a joint investment with the Queensland Government. Additional funding of $27.7 million over 11 years from 2023–24 will also be provided for the Department of Finance, the Department of Foreign Affairs and Trade, the Department of Industry, Science, and Resources and the Department of the Treasury to manage and provide oversight of this investment. The financial implications of the financing package are not for publication (nfp) due to commercial sensitivities.
2023-24 Measures Not Yet Implemented
Previously announced tax and superannuation policy decisions that are still before Parliament include:
Instant Asset Write-off:
Proposal to increase the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year. Senate amendments proposed increasing the threshold from $20,000 to $30,000 and expanding the measure to apply to medium entities.
Small Business Energy Incentive:
Proposes to provide small and medium businesses with access to a bonus deduction equal to 20% of the cost of eligible assets or improvements to existing assets that support electrification or more efficient energy use.
Petroleum Resource Rent Tax (PRRT) Deductions Cap:
Proposes amendments to effectively cap the availability of deductible expenditure incurred by a person in relation to a petroleum project for a year of tax.
Federal Administrative Review Body:
Abolish the Administrative Appeals Tribunal (AAT) and establish the Administrative Review Tribunal (the Tribunal).
Strengthen the Integrity of the Tax System:
Proposed reforms to strengthen the integrity of the tax system, increasing the power of regulators and strengthening regulatory arrangements.
Better Targeted Superannuation Concessions:
Proposes amendments to reduce the tax concessions available to individuals with Total Super Balances exceeding $3 million.
Non-arm’s Length Expenditure for Superannuation Entities:
Proposes amendments to the non-arm’s length expense rules for complying superannuation entities, that will restrict the operation and application of the rules.
Objective of Superannuation:
Proposes to legislate the objective of superannuation.
Policy decisions that are in the consultation phase include:
International Tax — Country by Country Reporting and Global and Domestic Minimum Tax:
Investment in Housing — Build-to-Rent Tax Concessions
Medicare and Lump Sum Payments — Exempting Lump Sum Payments in Arrears from the Medicare Levy
Strengthening the Integrity of the Tax System — Tax Regulator Information Gathering Powers Review and Regulating of Accounting, Auditing, and Consulting Firms in Australia.
Payday Super - A Consultation Process Has Been Undertaken for Payday Superannuation
Transfer Balance Credit Provisions - Amendments to the Transfer Balance Credit Provisions for Successor Fund Transfers.
The Government announced it would not proceed with the Modernising Business Registers Program.