From www.knowledgeshop.com.au: The 2024-25 Mid-Year Economic and Fiscal Outlook reveals a projected increase in the budget deficit by over $21.8 billion over four years, with government debt expected to exceed $1 trillion by 2025-26.

Key points include additional funding for ATO compliance programs, changes to trust tax returns, and the introduction of penalties for large taxpayers mischaracterizing payments, among other fiscal measures.

The government plans to deny Research and Development Tax Incentives for tobacco and gambling, while also introducing a tax on superannuation balances above $3 million, scheduled to start from July 2025.