In this special episode of talkBIG, host Andrew Sykes leads a panel discussion on the recent Federal Budget with a live audience.
Our expert panel includes RSM’s in-house economist Devika Shivadekar, financial expert Grace Bacon (Director, Financial Services), and tax specialist Tony Fulton (Director, Tax Services). Together, they analysed the details of the latest federal budget, providing insights and practical implications for various industries, businesses, and individuals.
Key Takeaways
- The federal budget for 2024-2025 focused on the cost of living, with tax cuts, energy bill relief, and additional rent assistance.
- The rising cost of utilities, particularly energy, was a major concern for both individuals and businesses.
- The budget allocated funds for green hydrogen and critical minerals production.
- The fiscal outlook has deteriorated, with projected deficits and rising net debt.
- The budget had limited incentives for business investment, except for an extension of the Instant Asset Write-Off for small businesses.
- The budget included measures to support individuals, including tax cuts, superannuation changes, and cost of living subsidies.
- The impact on interest rates will depend on consumer confidence and inflation trends.
- Compliance and wage compliance are areas of focus, with increased funding for the ATO.
- There were no significant changes to R&D incentives.
- The budget did not address the taxing of unrealised profits in super funds.
If you would like a more comprehensive breakdown of the Federal Budget 2024, download a free copy of RSM's report here.
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