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Budget 2024: Better Now, Worse Later??
Manage episode 418338407 series 3480017
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BONUS EPISODE!
Ben asks all the smart questions and Pete unpacks Budget 2024 in 15 minutes!
Key Takeaways:
The 2024 Budget offers immediate financial relief for individuals through tax cuts, HECS debt readjustments, and energy bill rebates.
There is an emphasis on sustaining economic measures that will not exacerbate inflation, keeping in mind the impact on the Reserve Bank's interest rate decisions.
Long-term considerations include structural deficits due to ongoing commitments and whether future tax increases or service reductions might be necessary.
The government's forward-facing plans, such as the Future Made in Australia initiative, aim to shift the economic focus towards sustainable and clean energy.
The complexity of government budgeting is compared to personal finance management, highlighting the need for a balance between current benefits and future stability.
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Always love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode.
Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.
Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.
Support the show, a product of Hope Media: https://hope1032.com.au/donate/2211A-pod/
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