Australian Treasurer Jim Chalmers will hand down Labor’s second full-year Budget, and third budget of the current Government, on Tuesday 14 May 2024.

With the Government still to finalise many of its international tax election promises, and the next election a year away, this budget is expected to be one of consolidation. The Treasurer has already indicated that most of the expected small surplus will be retained to reduce future interest expenses and develop a buffer for potential adverse trade winds.  The Treasurer has also indicated that the revised stage 3 tax cuts are the most significant form of cost-of-living relief on offer, but a range of hip-pocket saving measures will no doubt be held in reserve for the election campaign. From an expenditure perspective, investments in human capital  and defence are expected. Reducing investment red tape will be touted as a productivity enhancing measure. 

CA ANZ’s pre-budget submission outlines what CA ANZ would like to see in this budget.