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2024 Australian federal budget information


2024 (2024) Australian federal budget
Submitted toHouse of Representatives
Presented14 May 2024
Parliament47th Parliament of Australia
PartyAustralian Labor Party
TreasurerJim Chalmers
Total revenueA$711.5 billion[1]
Total expendituresIncrease A$734.5 billion[1]
Tax cutsPositive decrease A$1,888 on average[1]
Debt paymentNegative increase A$23.8 billion[1]
DeficitNegative increase A$28.3 billion[1]
DebtPositive decrease 33.7% of GDP[1]
GDPA$2.33 trillion[2]
Websitebudget.gov.au
‹ 2023
2025›

The 2024–25 Australian federal budget was delivered on budget night at 7:30pm on Tuesday, 14 May 2024 by Treasurer Jim Chalmers.[3] The budget will dictate how the Australian Government will allocate an estimated A$715 billion across the federal government, and to state and territory governments.[4] It will be the third federal budget handed down by the Labor Party since their victory in the 2022 Australian federal election. The consultation period described the budget as focused on support for Australians and creating a "stronger, more inclusive and more sustainable economy".[5]

  1. ^ a b c d e f Chalmers, Jim (14 May 2024). "Budget Paper 1: Budget Strategy and Outlook" (PDF). Budget 2024–25. Retrieved 2 June 2024.{{cite web}}: CS1 maint: url-status (link)
  2. ^ "Australia Country Data". The World Bank. 2022. Retrieved 2 June 2024.{{cite web}}: CS1 maint: url-status (link)
  3. ^ "Budget 2024-25". Budget.gov.au. Archived from the original on 19 April 2024. Retrieved 20 April 2024.
  4. ^ Chalmers, Jim (9 May 2023). "Budget Paper 1: Budget Strategy and Outlook" (PDF). Budget 2023-24. Archived (PDF) from the original on 22 April 2024. Retrieved 20 April 2024.
  5. ^ "2024-25 Pre-Budget submissions". Treasury. 25 January 2024. Archived from the original on 20 April 2024. Retrieved 20 April 2024.

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