Essential Parliamentary monitoring, direct from Canberra's press gallery by LexisNexis® Capital Monitor™
Energy Bill Relief Fund - Extension and expansion
The Government will provide $3.5 billion over three years from 2023-24 to extend and expand the Energy Bill Relief Fund to provide a $300 rebate to all Australian households and a $325 rebate to eligible small businesses on 2024-25 bills to provide cost of living relief.
Budget Speech p 15
Budget Paper No 2 p 179
Budget Overview p 14
Regional Ministerial Budget Statement p 99
Easing cost-of-living pressures p 1
Media Release
Digital ID
The Government will provide $288.1 million over four years from 2024-25 to support the initial delivery of the Digital ID system and support more Australians to realise Digital ID's economic and privacy benefits. Funding includes:
- $155.6 million over two years from 2024-25 to the Australian Taxation Office (ATO) to continue operating and improving the Government's Digital ID, myGovID, and the system which supports authorised access to a range of government business services
- $46.0 million over two years from 2024-25 to Services Australia to continue operating and improving the identity exchange which enables transactions across the Australian Government Digital ID System and performs the function of Digital ID System Administrator
- $35.2 million over two years from 2024-25 to the Department of Finance to continue policy leadership and governance of the Digital ID program
- $23.4 million over two years from 2024-25 for the ATO, Department of Finance and Services Australia to pilot the use of government digital wallets and verifiable credentials.
Budget Paper No. 2 p 97
Budget Paper No. 4 p 11
Media Release
Supporting small businesses
The Government will provide $41.7 million over four years from 2024-25 to support small businesses. Funding includes:
- $25.3 million over four years from 2024-25 to support the Payment Times Reporting Regulator to implement reforms recommended by the statutory review of the Payment Times Reporting Act 2020, including increased resourcing for the Regulator and upgrading the Regulator's ICT infrastructure
- $10.8 million over two years from 2024-25 to extend the Small Business Debt Helpline and the NewAccess for Small Business Owners program to continue to provide financial counselling and mental health support for small business owners.
Budget Speech p 11
Budget Paper No 2 p 182
Budget Overview p 40
Delivering a better deal for small businesses p 2
Media Release
Small Business Support - $20,000 instant asset write-off
The Government will continue to improve cash flow and reduce compliance costs for small businesses by extending the $20,000 instant asset write-off by 12 months until 30 June 2025. Small businesses, with an aggregated annual turnover of less than $10 million, will continue to be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use by 30 June 2025. The asset threshold applies on a per-asset basis so small businesses can instantly write off multiple assets. Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool and depreciated at 15 per cent in the first income year and 30 per cent each income year thereafter. The provisions that prevent small businesses from re-entering the simplified depreciation regime for five years if they opt-out will continue to be suspended until 30 June 2025.
Budget Speech p 11
Budget Paper No 2 p 14
Budget Overview p 40
Delivering a better deal for small businesses p 3
Media Release
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