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Impact Of The 2024-2025 Australian Federal Budget On Future Economic Activities In Australia?

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With reference to predictions of the 2024/2025 budget, outline the economic conditions and influence from lobby groups on the budget and discuss the expected impact of the 2024/2025 Australian Federal Budget on future economic activity within Australia. Introduction The Federal budget for 2024/2025 was delivered on Tuesday 14 May 2024 by the treasurer of Australia, Jim Chalmers. Lobby and interest groups have a major influence on the federal budget outcome as they help outline the economic challenges Australia faces. This influence alters the overall expected impact on the future economic activity within Australia, which is crucial for stakeholders across various sectors. Influence from Lobby groups Lobby groups have a significant impact on the federal budget as they play a vital role in shaping public policy, democratic governance and the allocation of government resources. They are able to do this …show more content…

For example, the Australian Council of Social Service (ACOSS), a social welfare organisation supporting poverty, stated, “The federal budget must raise social security payments to provide immediate cost-of-living relief for people who need it most and targeted investment to grow jobs and incomes during a period of rising unemployment” (ACOSS,2024). The government has taken this into consideration and is committing to this by increasing jobseeker payments by $40 every two weeks and single individuals will receive $750 every two weeks and couples will receive $1,300(NERA, 2024). The Business Council of Australia (BCA) looks after Australia’s largest employers and advocates for good policy on behalf of the business community

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