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2024 Australian Federal Budget Winners and Losers: Your Ultimate Guide


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2024 Australian Federal Budget: The 2024 Australian Federal Budget has landed, and with it comes a mix of financial boons and burdens for different demographics. Whether you’re a taxpayer, student, retiree, or small business owner, this guide will break down how the budget measures affect you.

2024 Australian Federal Budget

Budget Winners: A Brighter Financial Future

This year’s budget prioritizes easing the cost of living for many Australians. Here are some of the key winners:


Taxpayers: The stage three tax cuts, already legislated, come into effect on July 1st. This translates to an average increase of $36 per week for taxpayers in 2024-25, with even greater savings in the coming years.

Students: Rejoice! A long-awaited reform to HECS-HELP indexing will eliminate roughly $3 billion in student debt for over 3 million Australians. This change also lowers the possibility of significant debt increases in the future.

Low- and Middle-Income Earners: Households across Australia will receive a $300 energy bill rebate to combat rising electricity costs. Additionally, those working less than 14 hours a week will see a combined increase of $55 per fortnight in JobSeeker payments due to a higher energy supplement rate.

Pensioners and Concession Card Holders: A welcome freeze on the Pharmaceutical Benefit Scheme (PBS) co-payment means medication costs will remain stable for the next year. Pensioners and concession card holders will enjoy a five-year freeze, providing much-needed relief.

Small Businesses: The budget extends the popular $20,000 instant asset write-off scheme, allowing businesses to deduct the full cost of eligible equipment purchases. Additionally, the removal of 457 “nuisance tariffs” on imported goods aims to reduce business expenses.

Budget Measures: A Closer Look 

Here’s a table outlining some key budget measures and their beneficiaries:

Stage 3 Tax CutsAll Taxpayers
HECS-HELP Debt ReductionOver 3 Million Students
Energy Bill RebatesAll Households
Increased JobSeeker PaymentsLow- and Middle-Income Earners Working Less Than 14 Hours
PBS FreezePensioners and Concession Card Holders
Instant Asset Write-Off ExtensionSmall Businesses
May 7, 2024Federal Budget Delivered
July 1, 2024Stage 3 Tax Cuts Take Effect
OngoingEnergy Bill Rebates Distributed

Not Everyone Wins: Who Might Be Impacted?

While the budget offers relief for many, some may see a less positive impact:


High-Income Earners: While everyone benefits from tax cuts, the highest earners receive a proportionally smaller increase compared to low- and middle-income earners.

Environmental Groups: The budget lacks significant investments in renewable energy initiatives, which may disappoint environmental advocates.


The 2024 Australian Federal Budget offers a mixed bag of measures. While some demographics stand to benefit significantly, others may see a less pronounced impact. Understanding how the budget affects you allows informed financial decisions and helps you make the most of any available benefits.

When will I receive my energy bill rebate?

The Australian government hasn’t announced a specific timeframe yet. However, you can expect the rebates to be distributed throughout the year.

How much will I save with the stage three tax cuts?

The amount you save depends on your taxable income. Online tax calculators can help you estimate your specific savings.

Where can I find more information about the budget?

The Australian Government Budget website provides a wealth of information on all budget measures:

Sanjeet Kumar is a graduate of Journalism, Psychology, and English. Passionate about communication - with words spoken and unspoken, written and unwritten - he looks forward to learning and growing at every opportunity. Pursuing a Post-graduate Diploma in Translation Studies, he aims to do his part in saving the 'lost…

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