Australian federal budget 2024: what we know so far and what to expect

On 14 May the treasurer, Jim Chalmers, will deliver his second full-year budget. Chalmers has promised more cost-of-living relief in a budget that he says tackles inflation but sets Australia’s economy up for growth – neither scorched-earth nor a free-for-all of spending . A second surplus is within reach, but that’s just speculation.

Here’s what we know already about what is in the budget. Tax cuts and cost of living The biggest element of the cost-of-living relief in the budget is the changes to stage-three tax cuts, a $359bn 10-year tax cut package announced by Labor in January and legislated in February with opposition support. The package means all Australian taxpayers (earning over the tax-free threshold of $18,200) get a tax cut, doubling the benefit for an average income earner compared with the Coalition’s original stage three proposal.



Labor says 84% of taxpayers are better off under its proposal, although those earning more than $146,486 would have received more under the Coalition’s model. There will be other cost-of-living measures the government claims won’t add to inflation, which might point towards extending energy price relief . The treasurer, Jim Chalmers, has poured cold water on the Economic Inclusion Advisory Committee’s call for jobseeker to rise to 90% of the age pension, although he and the finance minister, Katy Gallagher, have seemed more open on increasing rent assistance.

Chalmers has confirmed there will be “additional steps” .