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MP+ 2025-26 Federal Budget Update

The 2025–26 Federal Budget was handed down on Tuesday, 25 March 2025 by Treasurer Jim Chalmers of the Albanese Government. After two consecutive surpluses, this year’s Budget marks a return to deficit, with a forecast shortfall of $42.1 billion for 2025–26.

This year marks another Budget with relatively little for businesses, particularly small to medium businesses, with a clear focus on individuals, families, and cost of living relief – perhaps not surprising with a Federal election around the corner.

Key priorities in this year’s “election” Budget include:

• Modest personal income tax cuts from 1 July 2026 and 1 July 2027
• Further cost of living relief via energy bill rebates
• HELP Debt to be reduced by 20% before indexation is applied on 1 June 2025
• Significant investment in Medicare (bulk billing, GP clinics, cheaper medicines)
• Expanded housing initiatives, including extending the Help to Buy scheme and banning foreign ownership of established dwellings
• Further support for apprentices, fee-free TAFE places, and small business

Note that these measures will require legislation to pass through Parliament, which may be called upon imminently due to the upcoming election.

Read the full MP+ 2025-26 Federal Budget Update Here

written by:

McKinley Plowman