News Article

Federal Budget 2023-24

10 May 2023

Treasurer, Hon Jim Chalmers MP delivered the Federal Budget on 9 May 2023. It addresses the rising costs of energy, Australia’s transition towards a net zero economy, equal opportunity for participation and funding for apprentices as amongst it’s key priorities.
 

Key highlights that are noteworthy for NECA Members:

 

Inflation
  • Forecast to fall from 6.0% from 2022-23 to 3.25% in 2023-24.
     
Energy
  • $23 Billion will be invested to become a renewable energy super power.
     
Skills, Training & Apprenticeships
  • $3.7 Billion investment into the five-year National Skills Agreement to address skills shortages facing our sector
     
Small business
  • Instant asset write-off for assets up to $20,000 from 1 July – 30 June.
  • $23.4 million to assist with cyber security attacks.
  • 20% deduction for eligible depreciating assets supporting more efficient use of energy for companies with a turnover less than $50 Million.
     
Employment Tax
  • From 1 July 2026, employers will be required to pay employees superannuation guarantee (SG) entitlements on the same day as salary or wages.
  • Plug in hybrid electrical vehicles will no longer be eligible for an exemption from fringe benefit tax (FBT) from 1 April 2025
     
Industry initiatives
  • $4.4 Million over 4 years to establish the National Construction Industry Forum to provide advice on major challenges facing the industry

 

Download the full report here

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