15/05/24
2024-25 Federal Budget Summary
Last night the Treasurer the Hon. Dr Jim Chalmers MP handed down the Federal Budget for 2024-25. The Australian Hotels Association and Accommodation Australia were present in yesterday’s Budget Lock-Up.
Overview
This section provides a general overview of the major announcements relevant to the licensed hospitality and accommodation industry.
This budget has a strong focus on cost-of-living, housing, Future Made-in-Australia and strengthening Medicare. Overall you could describe it as a bit underwhelming for our industry.
Key measures relating to hospitality, accommodation, and Tourism:
- 2024-25 planning levels – the government has lowered the permanent migration planning levels to 185,000 (from 190,000 this year)
- $325 energy rebates for over one million small businesses
- Instant asset write off - extending the $20,000 instant asset write-off by 12 months until 30 June 2025.
The new classifications mean that from September, computer games containing in-game purchases linked to elements of chance – such as paid loot boxes – will receive a minimum classification of M (Mature – not recommended for children under 15 years of age), while games containing simulated gambling will receive a minimum classification of R 18+ (legally restricted to adults aged 18 or older)