Tax cuts, cost-of-living, and housing affordabilty measures – here’s what you need to know about the 2025 Federal Budget.

Treasurer Jim Chalmers has handed down his fourth Federal Budget, setting the tone for what’s expected to be a closely contested election campaign, with policies designed to win over undecided voters.

The Government is positioning itself as a responsible economic manager, pointing to an improved budget balance, falling inflation, and strong employment figures. Growth is forecast to remain modest but steady, with gross debt expected to hit $940 billion this year—$177 billion lower than when Labor took office. However, debt is still projected to surpass $1 trillion by 2026, raising concerns about long-term sustainability.

Cost of living relief is a key theme, with modest tax cuts, $150 energy rebates, student loan relief, and increased Medicare funding. Housing is also in the spotlight, with plans to fast-track the delivery of 1.2 million new homes and support for first home buyers.

There are also moves to boost productivity and competition, including a ban on non-compete clauses for lower income earners, new licensing reforms, and action on unfair card surcharges.

While the Budget avoids major structural reforms, it aims to shore up support through targeted measures and cautious optimism. Whether that’s enough to sway voters remains to be seen.

With many more details inside, we proudly present our federal budget summary and what it means for private groups and family businesses.