My Federal Budget highlights

Written by: Anthony Whyte, Managing Director, Talent International and APSCo Director

The recently released 2024-25 Federal Budget has stirred up a lot of conversation due to its headline forecast surplus of $9.3 billion dollars. However, as with any budget announcement, there are both positives and negatives to consider.

One major theme of the budget is the focus on "Building the Australia of Tomorrow", with ambitious plans to construct 1 2 million new houses within five years and investments in industries that could potentially make Australia a clean energy superpower

However, there are concerns regarding the economy, with a forecasted growth of just 1 75 per cent this financial year and the debt burden expected to surpass one trillion dollars in the next two years.

Unemployment is also expected to rise while inflation is predicted to moderate.

The government has placed a significant emphasis on protecting Australia, evident in the billions allocated to the Defence Sector including boosts in spending on long-range strike capabilities, the navy's new surface combat fleet, and a significant contribution to enhancing collective security in the Indo-Pacific region.

Despite these investments, families may continue to struggle as inflation remains a real threat.

Additionally, there have been some positive changes in areas such as superannuation, with up to 22 weeks of payments for more than 180,000 recipients of Commonwealth parental leave payments starting next year.

There is also a plan to wipe $3 billion worth of HECS debt for over three million Australians, providing some relief for those burdened by student loans.

The budget also focuses on industry development, with initiatives like the Future Made in Australia policy to support Australian innovation and industry, including clean energy and advanced manufacturing.

Furthermore, there are plans to build the world's first fault-tolerant quantum computer in Brisbane and investments in areas such as AI, a new National Innovation Visa, and regulatory reform initiatives.

However, the budget does not address all concerns For instance, while there is a significant investment in housing, more needs to be done to support affordable housing solutions.

Additionally, the significant brain drain from states like South Australia is a cause for concern, with predictions indicating a continued exodus of skilled workers to other parts of Australia in the coming years.

In conclusion, while the 2024-25 Federal Budget has some positive initiatives and investments, there are still areas that require attention and improvement to ensure a prosperous future for all Australians.