Federal budget 2025 – what’s in it for you

Here are changes introduced in the new Budget 2025

TAX

Reduction of the lowest Marginal Tax Rate – people earning up to $45,000 will have their tax rate reduced from current 16% down to 15% in 2026/27 and 14% in 2027/28.

COST OF LIVING

Energy bill relief extended for six months: All Australian households and eligible small businesses will receive an additional energy rebate of $150. The rebate will be automatically applied to electricity bills between 1 July and 31 December 2025, in two quarterly instalments of $75.

Cheaper medicines: The maximum cost of Pharmaceutical Benefits Scheme (PBS) medicines will decrease from current $31.60 to $25 per script from 1 January 2026. Pensioners and Commonwealth concession cardholders will still only pay the subsidised rate of $7.70 per PBS script until 1 January 2030.



Medicare bulk billing incentives: Incentive payments will be introduced to expand bulk billing to all Australians from 1 November 2025.It is expected that Nine out of 10 GP visits are to be bulk billed by 2030.

SOCIAL SECURITY

No mentioning of further freezing of deeming rates – this could be a worry for some retirees. As a reminder, deeming rates have been frozen since 1st July 2022, originally for 2-year period, but with further extension for the current financial year, therefore until 30th June 2025.

For now, there is no news what will happen to those rates from 1st July 2025.

That’s it, this is all the government could come up with for the benefit of retirees and those that are preparing for retirement.

In all honesty, this budget is the biggest waste of time I have ever seen.

One can tell very easily that it was put together in a hurry, to gain votes, rather than any actual benefit for Australians.

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