Cheers and Jeers: Businesses react to federal budget 2024

Some budget updates you don't want to miss!

Author

Maziar Foroudian
May 17, 2024

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Join us as we dissect the mixed bag of reactions coming from the Australian business community post-budget announcement. Discover who is praising specific measures and those expressing disappointment, and their take on the economic outlook.

The main small business focus in the 2024-25 federal budget is extending the $20,000 instant asset write-off for another year. This extension will enable SMEs to immediately benefit from tax savings on new assets until June 2025. Let’s break down the details and how this benefits you.

Take a giant leap towards closing the gender super gap as the 2024 Federal Budget in Australia promises a significant financial boost to millions of women's superannuation. A monumental shift in the financial landscape for Australian women awaits!

Australian tax laws are changing. From tax cuts for workers to student loan adjustments and a new superannuation tax. Learn how these changes will impact your income in our comprehensive guide.

From tackling the cost of living to fostering long-term innovation, Australia's Budget 2024 has sparked both optimism and disappointment for the fintech and startup sectors. Discover the potential effects on these industries and their role in driving economic growth and job creation.

Is your paycheck feeling the pinch as the cost of living rises? Learn about the latest findings on the growing discrepancy between public and private sector wages in Australia and how businesses are stepping up to support their employees.

Discover how Australia's new budget aims to foster innovation and support social well-being. From investments in AI and STEM workforce diversity to quantum computing and digital trade, learn how this budget plans to secure both long-term growth and address immediate economic challenges.

Is Australia's economic engine starting to cool? Find out what the latest NAB survey reveals about business conditions, labor market trends, and inflation. Plus, predictions for interest rates and the Australian dollar.

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Top stories

The recent federal budget allocates $7.5 million towards a regulatory framework for digital assets, including cryptocurrency and blockchain. This signals a shift in government focus, although some in the industry are calling for more support.

Australia

The Australian federal budget neglects struggling small businesses, offering only minimal support. With no real relief in sight, small businesses face closures as new ventures dwindle. However, focus remains on big business initiatives, leaving small businesses in a precarious position.

Peter Dutton opposes Labor's manufacturing subsidies, emphasizing support for government energy bill rebates. Critics argue relief lacks means testing and fails to address inflation. Dutton advocates for a mix of nuclear and renewable energy sources.

IconByDesign, a Sydney-based furniture company, expands into the US market by offering luxury Australian house fittings. Despite challenges, their bold move pays off as they witness a remarkable 200% revenue growth in just 12 months.

Australian Economy

GrainCorp and Incitec Pivot showcase investor desires beyond buybacks. GrainCorp holds $495 million cash and aims to crush seeds for sustainable fuels. Results reveal investor preferences for reinvestment and sustainability in big companies.

Treasurer Jim Chalmers inaccurately cited spending figures in a post-budget speech, leading to significant discrepancies worth billions. This highlights the importance of transparency in government budgeting and decision-making.

Prasad Patkar, head of investments at Platypus Asset Management, discusses the Australian Equities Fund's success in making Mercer's top 10 list. BHP, a top holding, faces speculation over acquiring Anglo American.

World

James Vlahos turned sorrow into innovation when his father was diagnosed with terminal cancer. Through AI, he created a chatbot of his father's voice to preserve memories. The growing "death tech" sector helps simplify grieving processes.

The US saw a slight decrease in inflation last month, with prices rising 3.4% in the 12 months to April. Despite this, debates about interest rates persist as economic growth holds up and prices continue to rise faster than the Fed's 2% target. Retail sales were flat in April, sparking concerns about a potential economic slowdown.

The US economy is experiencing a unique boom, fueled by ambitious spending to boost manufacturing and green industries. While risking high inflation and debt, the US aims to reshape global manufacturing dynamics, with potential repercussions for the UK.

Tech

Google introduced Veo, a powerful AI video synthesis model at Google I/O 2024. Veo can create high-quality videos from text, image, or video prompts and includes editing capabilities. It will be initially available to selected creators through VideoFX on Google's AI Test Kitchen website.

Google I/O keynote focused on AI innovations, while day two highlighted Android updates. Xbox Cloud Gaming now supports keyboard and mouse on web browsers. Netflix to stream NFL games live. Canon confirms flagship camera EOS R1 in the works.

Meta announced the discontinuation of Workplace, its business-focused private social network platform, as it shifts focus to AI and the Metaverse. Customers will have the option to transition to Zoom's Workvivo. Workplace will run until August 2025 before transitioning to read-only mode and shutting down in May 2026.

Curated for you

Entrepreneurship burnout is a concern for 75% of small business owners, stemming from the stress of decision-making control. Instead of selling outright, options like succession planning, partnerships, franchising, employee ownership, and diversifying revenue streams offer unique solutions for entrepreneurs.

The rise of solopreneurship has changed the economy, with more than 80% of American small business owners operating solo. However, embracing community and collaboration can lead to greater success and support, challenging the misconception that entrepreneurship must be a solitary journey.

In "The Best Salesperson I Ever Hired Had No Experience," the author details how a candidate lacking traditional credentials excelled due to personal qualities. Soft skills like integrity, intelligence, and determination are key in hiring.

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