Labor’s third Budget was widely expected to focus on cost of living. This was delivered in the form of energy bill relief for all households, along with Stage three tax cuts that had already been legislated.
Social security proposals included freezing deeming rates at their current levels for a further 12 months, increases to Commonwealth Rent Assistance, and more flexibility for Carer Payment recipients.
Super was largely left unchanged although the Treasurer announced plans for eligible parents to receive 12 per cent super on of their government-funded Paid Parental Leave. For small businesses, the government announced it would extend the $20,000 small business instant asset write-off by 12 months until 30 June 2025.