BLOG
28/03/2025
Labour has just handed down its final budget before the election, and it’s clear that whether you’re a taxpayer, healthcare user, or involved in certain industries, this budget has its winners and losers. Here’s a quick look at the key takeaways and what it means for you.
Taxpayers: Taxpayers across the country will get immediate relief, with cuts of up to $268 in the first year. This will gradually rise to $536 by mid-2027, easing the pressure on household budgets.
Low-Income Households: Those in lower income brackets will see the Medicare levy threshold rise, saving an extra $122 annually. Plus, costs for PBS medicines and GP visits will be reduced, and the energy rebate is extended for another six months.
Energy Bills: Households will also see electricity bills drop by $150, thanks to the extension of the $75 quarterly rebate through 2025.
First Homebuyers: The government is making the Help to Buy scheme more accessible with an $800 million investment, helping more Australians step onto the property ladder.
Healthcare: GPs will receive higher payments for bulk-billing, and 50 new Medicare urgent care clinics will open, making healthcare more accessible. Public hospitals get an extra $1.8 billion, with a new $793 million women’s health initiative on the horizon.
Students and Apprentices: University loan balances could be reduced by 20%, and the Free TAFE program is expanding to offer 100,000 places annually. Plus, apprentices in the building industry will see training incentives rise to $10,000.
Multinationals & Foreign Homebuyers: The ATO will get a $999 million boost to tackle tax avoidance, and from April 1, temporary residents will face a two-year ban on buying existing homes.
Big Retailers: The ACCC is getting $38.8 million to crack down on illegal practices like price gouging in large retailers.
Consultancies: Large firms like PwC, KPMG, and Deloitte will continue to face restrictions on government contracts.
NDIS Fraud: The government is investing $175 million to fight fraud within the NDIS, ensuring the funds go where they’re needed most.
Smokers: A $156 million initiative aims to disrupt the illegal tobacco trade, protecting both public health and the legal market.
What’s Next?
Understanding how these changes affect your finances is crucial. If you’re feeling uncertain about the impact on your personal situation, now’s a great time to chat with an expert.
Feel free to reach out for a quick, no-obligation consultation on how the budget might influence you. Simply click below to get started! The Hopkins Group – 15 Quick Chat
Get the latest news and insights from The Hopkins Group, as it happens.
Street Address
Postal Address
Contact Us
Office Hours