Budget Highlights - summarised by the NBIA

2023-24 Budget Highlights

NBIA IR & HR Consultant, Craig Pollard, has provided Budget Highlights for the 2023-24 Australian Government Budget. The Australian Government handed down the May 2023/24 Budget with a focus on responsible economic management. For the baking industry there are several incentives where our sector will benefit or be affected. 

Some of the benefits are:

$20,000 energy boost for small businesses

Up to 3.8 million small and medium businesses will be eligible for up to $20,000 in tax relief to invest in equipment to cut their energy bills, such as converting from gas to electricity, installing more efficient fridges, induction cooktops, batteries, and heat pumps.

Change to Super contributions payment.

Super contributions will now be paid at the same time as wages. This means instead of holding on to the superannuation contributions for up to three months, they must be transferred into your employee’s accounts at the same time as they are paid their wages.

Skilled migrants boost

The temporary skilled migration income threshold will be lifted from the current rate of $53,900 to $70,000. This may be able to benefit the Baking Industry if they are suffering skill shortages particularly in regional areas. The Government will fast track skills assessment, free employability assessments and advise and access to further training to improve their employment opportunities. Bakers, Pastry Cooks and Pastry Chefs remain an “in demand” qualification so our sector will be able to access this benefit.

Budget highlights involving workforce funding changes

Improve completion rates of apprenticeships

An additional $54.3 million to introduce critical Australian Apprenticeship supports to improve completion rates. Supports and services are being strengthened to improve outcomes for First Nations apprentices, apprentices with disability, those who live remotely, women in male-dominated trades, and others who experience additional barriers to completing their apprenticeship.

National skills agreement

Building on the 12-month Skills Agreement the Australian Government has committed over $400 million to support 300,000 TAFE and VET places to become fee-free, provided for in the 2022–23 October Budget.

The Australian Government is committing an additional $4.1 billion upon striking a five-year National Skills Agreement with states and territories. This will ensure better access to vocational education and training (VET).

The NBIA will continue to review the budget and share budget highlights to find what funding is available to members and how they can best access it. If you have any questions, please call the Membership Hotline (1300 557 220) or complete our contact form.