What’s ahead for 2024-25?
As 2024-25 approaches, questions arise about whether the year will bring continued volatility or a return to stability. Key changes include the introduction of personal income tax cuts and an increase in the superannuation guarantee rate. Employers must update payroll systems to reflect these changes and remain vigilant about super guarantee obligations. Wage growth shows signs of evening out, while interest rates remain a tool for controlling inflation. Business confidence has dipped, but strong labour market conditions persist. Migration trends highlight the ongoing impact on Australia’s economy, with a focus on skilled migration. Businesses must strategically manage cash flow, costs, and pricing to thrive in this evolving landscape.
