Super paid on paid parental leave

The Government announced super will be paid on the 20 weeks of government-funded paid parental leave. About 180,000 families will benefit from these payments each year. 
Proposed effective date of change: For parents of babies born on or after 1 July 2025.

Deeming rates frozen

A 12-month extension to 30 June 2025 of the current freeze in deeming rates was announced. This will assist part pensioners with bank deposits, investments and also super pension income streams which are captured under the deeming rules. The measures will allow retirees to benefit from increases in interest rates and returns without reductions in their age pension.  

The deeming rate has been frozen for the last two years with the top rate unchanged at 2.25 per cent. This benefits around 876,000 income support recipients, including 450,000 Age Pensioners.
Current rates extended to: 30 June 2025

Increase in rent assistance

The Government is to increase all Commonwealth Rent Assistance maximum rates by 10 per cent to help address rental affordability challenges for recipients. This would benefit nearly 1 million households.
Proposed effective date of change: From 20 September 2024

Federal Budget highlights

• Cost-of-living relief: Addresses current pressures while keeping inflation in check.

• Earning power: Supports initiatives for Australians to earn and keep more.

• Economic resilience: Invests in a ‘Future Made in Australia’ for long-term strength.

• Fiscal responsibility: Forecasts surpluses, lower debt, and inflation returning to target.

To achieve the above, the Government announced the following key actions:

• Easing cost-of-living pressures

• Increasing housing supply

• Investing in future industries

• Strengthening healthcare and caregiving sectors

• Promoting equality and opportunity

Please note, most of these measures are not yet law and will need to be legislated.