HIGHLIGHTS - Australia releases 2024/25 budget bill and economic forecasts

Following are the highlights of Australia's 2024/25 budget and the Treasury's key economic forecasts released on Tuesday. For a story on the budget, click] FORECASTS SURPLUS/DEFICIT New (Pct of GDP) Previous (Pct of GDP) (In A$ bln) f'cast f'cast 2023/24 +9.3 (0.3) -1.1 (0.0) 2024/25 -28.3 (-1.0) -18.8 (-0.7) 2025/26 -42.8 (-1.5) -35.1 (-1.2) 2026/27 -26.7 (-0.9) -19.5 (-0.6) GDP GROWTH 2023/24 2024/25 2025/26 2026/27 (In pct) New Old New Old New Old New Old 1.75 1.75 2.0 2.25 2.25 2.50 2.5 2.75 UNEMPLOYMENT 2023/24 2024/25 2025/26 2026/27 (In pct) New Old New Old New Old New Old

4.0 4.25 4.5 4.5 4.5 4.5 4.5 5.0 CPI INFLATION 2023/24 2024/25 2025/26 2026/27 (In pct) New Old New Old New Old New Old 3.5 3.75 2.75 2.75 2.75 2.5 2.5 2.5 REVENUE AND EXPENDITURE Total revenue for 2024/25 is expected to be A$711.5 billion. Total expenses are expected to be A$734.5 billion DEBT Net debt is expected to rise to 21.9% of GDP by 2027/28, from 18.6% in 2023/24. Gross debt is projected to cross A$1 trillion in 2025/26 and reach A$1.1 trillion by the end of the forward estimates, up from A$904 billion in 2023/24. INITIATIVES - Already legislated cuts to income tax for 13.6 million taxpayers, with an average tax annual cut of A$1,888 - A$3.5 billion in energy bill rebates for all households and one million small businesses. Households will get A300 each in 2024/25, and businesses A$325 - A$1.9 billion over five years to increase maximum rates of Commonwealth Rent Assistance by a further 10 per cent. - Cheaper medicines as part of an up to A$3 billion agreement with community pharmacies - Waiving A$3 billion in student debt for more than 3 million Australians - A$1.1 billion to pay superannuation on Government-funded Paid Parental Leave - A$16.5 billion additional funding for infrastructure projects, and A$6.2 billion in new housing investment - A$6.7 billion production tax incentive for renewable hydrogen, A$1.7 billion to promote net zero innovation and A$1.5 billion in production incentives for battery and solar panel supply - A$7 billion production tax incentive over a decade for the processing and refining of 31 critical minerals - Budget includes an extra A$5.7 billion in defence spending out to mid-2028 - Extending the A$20,000 instant asset write-off for small businesses until 30 June 2025

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)