_Commonwealth Budget and Planning Related Implications

Last week we summarised key aspects of the 2024-25 Victoria State budget as they relate to planning and development more specifically.  This week it is the Commonwealth budget 2024-25, handed down by the Australian Treasurer on Tuesday 14May 2024, as summarized here.  As stated in respect of the Victoria State budget, the 2024-25 Commonwealth budget is a significant national socio-economic blueprint for expectations in the next twelve months in particular but with possible implications over the longer term. 

The 2024-25 Commonwealth budget addresses the Australian Government view on national economic needs and strategic priorities.  It proposes specific matters affecting planning and development in Australia, as funded at the national level. 

Some of the more significant aspects of the 2024-25 Commonwealth budget include the following key initiatives. 

• More assistance for specialist housing (crisis accommodation, social housing, infrastructure to connect new homes) and assistance to the alleviate homelessness. 
• Increased funding in programs for strengthening the capacity and diversity of cities and regions. 
• Increased funding to facilitate renewable energy investment. 
• Introduction on 1 July of the stage 3 tax cuts legislated some time ago. 
• Increased aged care assistance. 
• Extension of the Commonwealth housing rent assistance payment. 
• Funding for new urgent care health clinics with services funded under Medicare. 
• A reduction in the cap for overseas migration including international students. 
• A one off credit to all households and small businesses, to assist with energy bills. 
• Additional defence spending including upgrades to northern bases. 

The Commonwealth budget provides further impact on various State planning projects – but only time will tell which announcements are implemented.