The South Australian Government unveiled its 2024-25 State Budget, which focuses on cost of living relief, improving housing affordability, boosting health services, and investing in skills and jobs to support economic growth. The budget emphasises maintaining surpluses and refraining from introducing new taxes, in line with previous commitments.
The 2024-25 budget projects a surplus of $306 million for 2023-24. Post-pandemic recovery is underscored by maintaining a strong budget position, enabling significant investments in public amenities and services.
Cost of Living and Family Support
The budget introduces measures to alleviate the financial burden on families and low-income individuals. Highlights include the doubling of the $100 sports vouchers, reducing school charges, and increasing Cost of Living Concession payments. More than $266 million has been allocated to these initiatives, aiming to ease the pressure on household budgets.
Housing Initiatives
A cornerstone of the budget is the $843.6 million dedicated to housing, aiming to improve housing affordability and increase supply. The complete abolition of stamp duty for first-time buyers purchasing new homes is one of the key measures introduced to help young families and first-time homeowners enter the housing market.
Healthcare Enhancements
Healthcare services receive a significant boost with an additional $2.5 billion aimed at increasing hospital activity, upgrading infrastructure, and improving service delivery. New funding is allocated for the construction of ambulance stations and expansion of renal haemodialysis facilities in Adelaide’s north.
Skills and Employment
Investments totalling $2.3 billion over five years will revitalise the state’s vocational education and training sectors. Approximately $692 million is newly committed to ensure that South Australians have access to the necessary skills for the burgeoning sectors of defence, health, and ICT, reflecting a 43% increase in skills funding.
Economy and Infrastructure
Despite forecasts of economic tightening due to external pressures such as interest rates and reduced agricultural output, the state government remains optimistic about South Australia’s economic resilience. The budget includes $25.6 billion for infrastructure projects, notably the North-South Corridor and the new Women’s and Children’s Hospital.
Budget and Fiscal Strategy
South Australia’s approach contrasts markedly with other states by achieving an early surplus and maintaining a strong fiscal position through careful expenditure management and strategic investments. The absence of new taxes and maintaining low service charges are strategies aimed at fostering a favourable economic environment.
Premier Peter Malinauskas said “This is a budget which delivers cost of living support to South Australians now, while building for the future.
“We’re building the housing, skills, education and health system needed to support a growing economy, which will soon be building the most complex machines on earth.
“Importantly our prudent budget management is delivering surpluses.
“The State Government managing our budget means we can help households with theirs.”
