2024-25 Federal Budget

There’s already been a lot of commentary on this, but the government are clearly wanting Australians to see their efforts to: ease cost of living pressures, invest into “A Future Made In Australia” and to acknowledge the economic uncertainty here in Australia, and globally.

To my surprise, my 9-year-old son watched this with me, and picked up on the Treasurer talking about a concept we discuss with many of our clients – behavioural finance. This was raised in a post-budget interview where Chalmers suggested there’s a big difference between what the population are likely to do if their annual energy bill is reduced by $300 vs being given $300. I think behaviourally this carries truth, but I don’t think it will be popularly accepted, where many are focussed already on why such an initiative wouldn’t be means tested. The government argues there are also a number of far more targeted initiatives for those really doing it tough.

Who’d want to be a politician? Not me. That much I am certain of. I will say that I am very happy that super is proposed to be paid to those on paid parental leave. I see this as evolution.