From www.accountantsdaily.com.au: The federal budget for 2024-25, presented by Treasurer Jim Chalmers, emphasised cost-of-living support and investments in healthcare and housing, with few tax measures introduced.

It forecasts a deficit of $42.1 billion for 2025-26 and projected gross debt exceeding $1 trillion, while also proposing modest tax cuts for individual taxpayers.

Further reforms include strengthening regulations for tax practitioners and extending energy bill relief, though many key proposals remain contingent on the outcome of the upcoming election.