State and Territory Budget round-up

From 50-cent transport fares to solar rebates, here's a wrap of the major Budget measures that will impact households in each state and territory.

For most people, May and June will stand out as the transition between autumn to winter, but for treasury officials and finance boffins the two months mark another important period: Budget season.

The headline event of every Budget season is, naturally, the Federal Budget which was handed down on May 14 by Treasurer Jim Chalmers.

On either side of that we've also had a Budget from all of the state and territory governments though. All bar Tasmania that is, which has delayed its 2024-25 state Budget until September 12.

So what have we learned from the state and territory editions? Like any budget, there's a lot to digest.

So read on for a snapshot of some of the major measures that will impact households in each state and territory related to housing, transport, the cost of living and more.

Australian Capital Territory

As has been the norm in recent years, health was the major source of expenditure outlined in the 2024-25 ACT Budget, accounting for $2.6 billion, or roughly a third of all spending.

The ACT government has committed $131 million over four years on health-related infrastructure, including upgrades to Canberra Hospital and North Canberra Hospital, as well as the construction of new health centres in the Inner South and in North Gungahlin.

The Budget has also allocated money to fund more than 137 new nurses and midwives to work across various hospitals in Canberra.

Beyond health, cost-of-living support was another area emphasised in the Budget.

Money has been set aside to increase the Electricity, Gas and Water Rebate for eligible households by $50 from $750 to $800 for the 2024-25 financial year, while apprentices and trainees in the Territory will receive a one-off $250 payment to help with living costs.

New South Wales

Given the cost of buying and renting a home in many parts of New South Wales, it was hardly surprising to see housing emerge as a major theme of the 2024-25 New South Wales state Budget.

Among the housing-related spending, the New South Wales government has committed $5.1 billion towards building 6200 new social housing homes and replacing 2200 existing homes. It has also allocated roughly $1 billion towards repairing 33,500 existing social homes across the state.

The government also confirmed that at least half of the new homes built will be prioritised for victim-survivors of domestic and family violence.

Elsewhere on the housing front, $655 million has been put towards housing for key workers like nurses, paramedics and teachers.

Of this, $450 million will go towards 400 build-to-rent dwellings for key workers, while $200 million will fund key health worker accommodation in regional and rural areas.

Northern Territory

One of the largest areas of focus (and spending) unveiled in the 2024-25 Northern Territory Budget was infrastructure - especially transport-related projects like roads which will receive billions in contributions from both the Territory and Commonwealth governments.

The largest of these, by spending at least, was the $340 million allocated in the Budget towards sealing, strengthening and widening 'priority industry roads' between Alice Springs and Darwin, Newman and Katherine, and Tennant Creek and Townsville.

A further $209 million will be put towards the existing Central Arnhem Road upgrade program, while $189 million will be invested in upgrading sections of the Plenty Highway as part of the broader Outback Way investment program.

Queensland

With an election looming in October it was widely anticipated that the Queensland government wouldn't be shy about spending in its 2024-25 Budget. As a result, there are plenty of announcements worth mentioning, but two that stand out relate to energy bills and public transport.

The first of these is a measure that will see all Queensland households receive $1000 credit towards their electricity bills in the 2024-25 financial year at a cost of $2.9 billion to the government. This is in addition to the $300 energy rebate households will receive from the Federal Government.

The Budget also outlined the government's $150 million initiative to introduce a six-month trial of 50-cent fares across the Queensland public transport network, which also includes half-price fares on Airtrain services to and from Brisbane airport.

South Australia

Last August, former Prime Minister Julia Gillard released the final report of the Royal Commission into Early Childhood Education and Care which, among other things, recommended the introduction of a minimum of 15 hours of preschool for three-year-olds in South Australia.

In his 2024-25 Budget speech, Treasurer of South Australia Stephen Mullighan described the move as the "greatest reform to our education system in the state's history", which is perhaps why the government is allocating $715 million to early childhood education initiatives over the next five years.

Of that figure, $339.7 million will go to delivering universal preschool for three-year-olds across government and non-government providers over the next five years, $127 million will be used to increase the number of preschool hours available to at-risk children over the coming four years, and $96.6 million will be put towards growing the early childhood workforce over the next four years.

Victoria

Across the border in Victoria, school-aged students and their families were one of the groups prioritised in the 2024-25 Victorian state Budget.

The government announced that it will spend $280 million to fund a one-off $400 School Saving Bonus for every child enrolled in a government school as well as eligible families with kids in non-government schools.

The bonus, which is set to be rolled out at the start of the 2025 school year, can be used to cover expenses like school uniforms, excursions and extracurricular activities.

The Budget also included funding for Victorian households wanting to make their homes more energy-efficient.

The government has allocated $38 million towards helping homeowners install electric heat pumps and solar hot water systems, as well as $6.1 million towards extending the existing interest-free loan program which helps people fund the installation of solar battery storage systems.

Western Australia

As has become the norm in recent years, Western Australia produced another sizeable Budget surplus ($3.2 billion) and is forecasting yet another for 2024-25 ($2.6 billion). The Western Australian government didn't hold back on the spending front though, and like other governments, one of the areas it targeted was the cost of living.

Chief among the cost of living measures unveiled was $492 million which will be used to fund $400 electricity bill credits for households and 90,000 small businesses. The government says that $734 worth of bill relief will be also available to pensioners and $1086 or more to eligible families.

Families with school-aged children will also be eligible to receive a $250 Student Assistance Payment for each high school student and $150 for each primary school student, while the government will also spend $41 million to provide free public transport to school students.

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