The 2024-25 ACT Government Budget was handed down on 25 June 2024. Here are some highlights:
Supporting jobs and business growth
In this Budget, the Government will invest $36 million over four years to boost Canberra’s visitor economy and further economic development priorities outlined in CBR Switched On, including:
- Continuing the Brand Canberra Program to support the growth of the ACT’s tourism industry and visitor economy and promote a distinct identity and unified expression of Canberra.
- Supporting programs that will drive international and domestic tourism and grow the ACT economy.
- Supporting local food production, of community growing education activities and hands-on training opportunities.
The Government will also continue to invest in supporting new businesses, for example through a second year of the Social Enterprises Grant program and the Priority Investment Program.
Education and life-long learning
This Budget includes new initiatives worth $100 million over four years to support education and skills. The Budget funds:
- Increasing the Future of Education Equity Fund in 2024 for families with financial hardship impacting access to and engagement in the education system for ACT students.
- The expansion of HeadStart to include an additional cohort of 50 students. HeadStart is an innovative initiative which provides senior secondary students each year with the opportunity to commence an apprenticeship and extend the completion of their ACT senior secondary certification by a year.
Secure and affordable housing
This Budget includes new initiatives worth more than $285 million over four years, which include a mix of immediate financial relief measures as well as continued commitment to our targets to increase long-term social housing stock. This includes:
- Additional funding of $20 million for the Affordable Housing Project Fund to aid in meeting the Government’s target of 600 affordable rental homes by 2025-26.
- Increasing the Home Buyer Concession Scheme income eligibility threshold from $170,000 to $250,000 and temporarily extending off-the-plan duty concessions to properties up to $1 million.
Environment, climate and transport
This Budget includes new initiatives worth more than $273 million over four years to support the environment and climate action, and transport initiatives of more than $71 million over four years. The Budget funds:
- The electrification of all feasible community and public housing by 2030.
- Measures to phase out the use of gas appliances, support for the electrification of complex buildings, support for loans to owners’ corporations for EV charging infrastructure and studies to develop EV charging hubs in the ACT.
- Grant payments to eligible vulnerable households for electrification upgrades.
Cost of living
In this Budget, the Governmnent is expanding its commitment to support the wellbeing of the Canberra community and those most in need. This includes:
- Increasing the Electricity, Water and Gas Rebate (formerly, the Utilities Concession) for 2024-25 by $50, from an annual rebate of $750 to $800 (approximately 43,800 households).
- Providing a one-off payment of $250 to apprentices and trainees, who tend to earn just above the threshold to qualify for Commonwealth financial assistance but are still among the lower income earners relative to others in Canberra.
- Rebates of up to 50% for pensioners on their general rates (capped at $750) and a $98 rebate for the Police, Fire and Emergency Services Levy.
- Full motor vehicle registration concessions for all eligible recipients (approximately 66,750 registrations).
- Extending the Rental Relief Fund to assist those experiencing rental stress or financial hardship.
- Increasing access to stamp duty concessions for first homebuyers.
- Increasing the value of vouchers available through the Utilities Hardship Fund.
- Increasing funding support for emergency material and financial aid programs and food relief services.
- Increasing assistance through the Taxi Subsidy Scheme.
Budget papers can be found here.