Federal Budget 2024: What it Means for Families

ICYMI, the 2024 Federal Budget has been announced—with Treasurer Jim Chalmers highlighting that his third federal budget focuses on providing assistance with the cost of living, bolstering Medicare and the care economy, and building more homes for Australians. 

But, are you wondering how this budget will benefit you, your family and your daily lives? Here's a breakdown of the support coming your way in the next four years.

Federal Budget 2024: What it Means for Families 

Household Support

The federal government has announced some great initiatives to provide relief and support for Australian households.

First up, every Australian household will receive $300 in energy bill relief, totalling $3.5 billion in assistance. This relief will be delivered as a $75 discount on each quarterly energy bill throughout the next financial year—a definite win in our book!

Additionally, starting from 1 July 2025 there will be $1.1 billion allocated to cover superannuation on Commonwealth-funded paid parental leave—which aims to address the glaring financial gap between male and female retirement funds, which currently stands at 25%. 

Changes to stage 3 tax cuts are on the horizon, promising to leave the average household approximately $1900 better off each year. These tax cuts will come into effect from 1 July 2024 and are intended to offer significant financial relief for many Australians.

What's in the Budget for Women? 

In addition to benefits for families, this year's budget also includes a significant focus on women.

The recent public outcry over the alleged murders of numerous women this year has sparked the creation of a $925.2 million Leaving Violence Program. This substantial funding commitment will be distributed over five years, commencing from 1 July 2025, to assist survivors, along with their children, in escaping domestic violence situations.

Financial assistance of up to $5,000 will be available to all individuals, including migrants, irrespective of their visa status. This support will be adjusted annually to keep pace with inflation. As part of the program, $6.5 million will be allocated for an online age verification trial, intended to prevent young people from accessing inappropriate and violent content online, while also addressing gender-based violence issues in higher education.

Additionally, as part of the broader $11.3 billion housing package, an extra $1 billion will be dedicated to funding urgent crisis and transitional housing for those seeking refuge from domestic violence situations.

Female Healthcare Initiatives

A $56.1 million boost for female health initiatives over the next four years has also been outlined, promising to enhance access and support to female healthcare across the board. Included in these initiatives are plans to distribute free period hygiene products to rural and remote Aboriginal and Torres Strait Islander communities, along with efforts to equip GPs with enhanced skills to provide comprehensive menopause care.

The budget also highlights a commitment to improving sexual and reproductive healthcare for women throughout their lives, covering everything from miscarriages and pre-term births to early pregnancy and menopause; a significant step forward in supporting women's health and well-being.

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