17 May, 2024
Treasurer Jim Chalmers handed down the 2024-25 Federal Budget on Tuesday night and the third under the Albanese Government. The Budget papers revealed a $9.3 billion budget surplus in FY2023-24 – the first time a Government has delivered consecutive Budget surpluses in over a decade – with real Gross Domestic Product (GDP) at 1.75 per cent. However, Treasury projects a $28.3 billion deficit in the next financial year with GDP estimated to grow at 2 per cent.
The Government’s signature Budget policy, the Future Made in Australia, will see $22.7 billion over ten years invested into boosting domestic manufacturing relating to the net-zero transition. Despite the extra spending in the Budget, Treasury expects inflation to decrease to 2.75 per cent by the end of the financial year, noting that the Reserve Bank of Australia (RBA) have different forecasts of 3.2 per cent in the next financial year.
Wine industry
- Wine Tourism and Cellar Door Grant funding remains at $10 million per year over the forward estimates to 2027-28.
- The Department is currently working with Wine Australia to establish a three-year grant agreement to enable the administration of Rounds 6-8 of the Program and it is expected Round 6 will open early in the 2024-25 financial year.
- $2.0 million in 2024-25 to support affected Australian agricultural exporters to re-establish commercial connections in China and continue to diversify into other markets.
- Forecast government income from WET has reduced from $1.14 billion last Budget to $1.080 billion (reduction of $30 million from MYEFO figure of $1.110 billion).
- $69.7 million over four years from 2024–25 (and $3.6 million per year ongoing) to support Australian businesses and to boost Australia’s trade, tourism, and investment opportunities. Funding includes:
- $29.9 million over four years from 2024–25 (and $1.0 million per year ongoing) to establish a simplified trade system unit to continue trade simplification coordination and deliver a Digital Trade Accelerator program to improve cross-border trade by enhancing border and biosecurity risk assessments and government to business trade data sharing
- $14.4 million over four years from 2024–25 to expand the Australia-India Business Exchange to promote Australia’s trade and investment with India and across South Asia
- $10.9 million over two years from 2024–25 to enhance the Go Global Toolkit online platform to support Australian businesses to export goods and services.
- $1.0 million over two years from 2024–25 for a skilled agricultural work liaison pilot to attract graduates to work in agriculture.
- $0.5 million over two years from 2024–25 to continue the AgCAREERSTART pilot program for two cohort years to encourage young people to consider a career in agriculture.
- $20,000 instant asset write-off extended until 30 June 2025.
Wine Australia
- The 2024-25 estimated levy funds are $15,932,000 (up from $13,699,000 in 2023-24).
- Average Staffing Level at Wine Australia for 2024-25 remains the same as the current and previous financial years (53).
For a summary of other portfolio measures from the Budget, please click here.
