Yahoo Lifestyle Anthony Albanese announces major change to the federal budget
The Prime Minister has revealed next year's fiscal outlook will have to be handed down in March due to the federal election.
Anthony Albanese has revealed there will be a big shakeup to the timing of next year's Federal Budget. Just 12 hours after Treasurer Jim Chalmers outlined the government's fiscal plan for the next financial year, the Prime Minister said things will be a bit different in 2025.
Because a federal election will occur next year, it means the government will have to hand down the budget a little earlier than normal. The budget has been unveiled on the second Tuesday in May since 1994 but next year's calendar means it will have to come in March.
Albanese explained his government will have more answers on the specifics later this year.
Do you have a story? Email stew.perrie@yahooinc.com
“The budget will be set for March next year — the election is due in 2025, we will set out that timetable later this year,” the prime minister said on Sunrise.
“You can’t have a budget and an election at the same time in May, so we’ll have to make that adjustment.”
RELATED
Federal Budget 2024: The major reason Aussies shouldn't just be asking 'what's in it for me?'
Albanese and Chalmers defend $300 energy rebate to billionaires as Aussies rage it's not enough
There have only been a few times the federal budget hasn't been revealed on the second Tuesday of May since the rules were changed after 1993.
The 2019 and 2022 elections caused the budget to be brought forward to March, while the 1996 election and a change of government in May saw the budget handed down in August.
In 2020, the budget unveiling was delayed until October due to the COVID pandemic, and in 2016 the budget was revealed on the first Tuesday of May to allow the government to potentially call a double dissolution election.
The prime minister was asked whether the election would be held in May next year, however, he said it could come later.
"You could hold it as late as August, I think, is the advice," he told Sunrise.
"But you'd have to have a half-Senate election...We are out of step by having a May election, it's not normally when they've been held in the past."
He said he would like to see four-year fixed terms but said it's not possible at the moment.
Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.
