2023-24 Federal Budget Overview
The 2023-24 Federal Budget, the second handed down by Treasurer Jim Chalmers, has a heavy focus on providing cost-of-living relief to Australians most in need. Some measures are also introduced to ease the cost of doing business.
The 2023-2024 Federal Budget delivers a surprise small surplus for 2022-23 – the first in 15 years – ahead of a challenging 2023-24, which is predicted to see GDP growth halving to just 1.5% and unemployment rising. Nevertheless, real wage growth is expected to return in 2023-24, as inflation finally comes under control.
Key measures
- Instant asset write-off: $20,000 instant asset write-off for small business allowing those with aggregated annual turnover of less than $10 million to immediately deduct eligible depreciating assets costing less than $20,000.
- Cyber security: Introducing practical measures to guard small businesses against cyber threats through a $23.4 million program to help them train in-house cyber wardens.
- Small Business Energy Incentive: Almost all of NSW’s 840,000-plus small and medium businesses could be eligible for up to $20,000 in tax relief under the scheme.
- Energy Bill Relief Fund: One million small businesses nationwide will get power bill rebates through the jointly funded Energy Bill Relief Fund with NSW businesses to receive $650 in relief from July 1.
- Hydrogen Headstart program: $2 billion to support a new Hydrogen Head Start program that includes Wollongong in NSW.
- Fee-free TAFE places: 300,000 new fee-free TAFE places to train Australians in critical and emerging sectors.
- Housing: A new focus on rent relief and unlocking additional funding to build 1 million new affordable homes.
- Ease of doing business: $2 billion in initiatives to simplify the interface between businesses and government services.
Read the full analysis from Business NSW here.
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