Unpacking the 2024-25 Federal Budget – What does it mean for SMEs?

What’s in the factsheet?

On Tuesday, 14 May, Australian Treasurer, Jim Chalmers handed down Labor’s 2024-25 Federal Budget.

Described as a Budget that is designed to ‘seek balance amongst competing priorities’, the main areas of focus for the next year will be cost of living pressures, tackling inflation, growth opportunities and investing in the future of the economy.

There’s no question that small and medium-sized businesses have felt the full force of the last few years. But now, the world’s in a very different place – and it’s presenting a whole new suite of challenges.

Rising inflation, talent shortages and rocketing cost of living pressures are driving up overheads and making it harder for businesses to operate and grow.

With so many factors contributing to the current economic environment, one thing is on every business leader’s mind – what does the future look like?

Let’s unpack the 2024-25 Australian Federal Budget and what it means for SMEs.

Disclaimer: The information in this report is relevant as at 10 May 2023 and has been prepared by Employment Hero Pty Ltd ABN (11 160 047 709) (Employment Hero). The views expressed herein are general information only and are provided in good faith to assist employers and their employees. The Information is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified and no warranties are given that it is complete, accurate, up to date or fit for the purpose for which it is required. Employment Hero does not accept responsibility for any inaccuracy in such data. To the maximum extent permitted by law, Employment Hero will not be liable to any party in contract, tort (including for negligence) or otherwise for any loss or damage arising either directly or indirectly as a result of reliance on, use of or inability to use any information provided in this report. Where liability cannot be excluded by law then, to the extent permissible by law, liability is limited to the resupply of the information or the reasonable cost of having the information re-supplied.You can find a full overview of the 2024/25 Australian federal budget here.