The 2024-25 Federal Budget release on the 14th May, 2024 can be found here.
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The Northern Territory 2024-25 State Budget was handed down Tuesday, 14 May 2024. Here are some highlights:
Infrastructure investment
At $4.42 billion, the 2024-25 infrastructure program provides a record commitment to investment across the Territory. Investments will contribute to the delivery of housing, health, education, community safety and other core government services, improve access across the Territory, develop the economy and create jobs. These includes:
- An additional $7.9 million is provided in capital grants, including the Home Business and Battery Scheme and tourism industry development grants.
- Over $100 million provided for housing related grants in 2024-25, including $79.5 million for the homelands housing and infrastructure upgrade grant program.
Business Growth, Resilience and Security Package
The 2024 Budget includes:
- $8 million over two years to deliver a refreshed and expanded business growth, resilience and security package, providing grants to enable small Territory businesses to improve safety and security, and reduce commercial crime.
- $1.4 million to establish cyber security training and outreach capability and a new Cyber Invest Business Grant program for small businesses to improve cyber security protections.
Tourism in the Territory
The 2024 Budget includes $68.4 million to support tourism, including:
- $13 million over three years for the Territory Aviation Attraction Scheme to fund passenger rebates and airport out-of-hours opening costs.
- $12.8 million for targeted tourism, business events and international education marketing.
- $3 million to support tourism recovery in international markets.
- $3 million for the Visitor Experience Enhancement Program.
- $1.9 million for Aboriginal tourism industry development activities.
Cost of living support
The 2024 Budget continues to support Territorians, families and Territory businesses by reducing cost of living pressures through a range of concessions, subsidies and incentives. This includes:
- $8.2 million to continue delivering Back to School vouchers that support children and their families with the costs of schooling.
- $5.7 million to continue the early childhood services subsidy for long day care, three‑year‑old kindergarten and family day care services to assist parents and families with childcare costs.
- $5.7 million to continue delivering the Sports Voucher Scheme, which includes Learn to Swim vouchers.
- Up to $1,500 in electric vehicle (EV) stamp duty concessions on the registration of new and second‑hand battery EVs and plugin hybrid EVs. The concession effectively removes stamp duty on purchase costs of up to $50,000. The same vehicles are also exempt from the registration component of Territory vehicle registration fees.
- $3 million in 2024-25 to continue the Home and Business Battery Scheme to 30 June 2025, saving homeowners and businesses up to $5,000 on the purchase and installation of rooftop solar batteries and inverters to reduce electricity costs.
- $3 million in 2024-25 to support affordable housing for key worker low-income households in the Territory through the Rent Choice program.
Women in the Territory
The 2024 Budget supports women’s leadership and equality through the Gender Equality Action Plan 2022–2025, including:
- $114,300 in grants to support projects, services and activities that promote gender equality.
- $92,000 in grants to support a range of organisations for various events and activities to mark International Women’s Day.
Budget papers can be found here.