The Albanese government's 2024-25 budget allocates significant resources towards improving the lives of women in Australia. Here's a closer look at the key measures impacting women:
Domestic and Family Violence
Leaving Violence Program
A permanent $925.2 million commitment over five years provides financial support (up to $5,000) to women leaving abusive relationships. This includes cash assistance (up to $1,500) and vouchers for essential goods and services (up to $3,500). The program replaces existing pilot programs and is expected to launch in mid-2025.
Information Sharing
$109.9 million over two years strengthens information sharing between law enforcement agencies regarding domestic violence protection orders.
Legal Aid
$44.1 million in 2024-25 helps maintain vital legal services for women experiencing domestic violence.
Online Safety
A $6.5 million pilot program investigates age verification technologies to protect children from harmful online content, including misogynistic content.
Women's Health
Research Focus
$53.6 million over four years targets under-funded areas of women's health research, including menopause, pregnancy loss, and fertility. An additional $8 million supports data collection on miscarriages and sexual and reproductive health.
Improved Access
The previously announced $49.1 million allows for longer consultations for complex gynaecological conditions like endometriosis and pelvic pain. Access to abemaciclib (Verzenio®), an early-stage breast cancer treatment, expands on the PBS.
Contraception and Period Products
Funding supports training healthcare professionals on long-acting reversible contraception options. $12.5 million goes to the National Aboriginal Community Controlled Health Organisation for culturally appropriate distribution of free period products in remote communities.
Mental Health
A national digital mental health service launches in January 2026, alongside upgrades to Medicare Mental Health Centres.
First Nations Women's Health
$5.8 million over two years continues preventative work on preterm and early-term births. $900,000 supports the National Stillbirth Action and Implementation Plan 2020-2030. Additionally, $3.5 million expands the Midwife Professional Indemnity Scheme to better enable Birthing on Country programs.
Maternity Care
Recommendations from the MBS Review Taskforce for midwives are implemented with a $56.5 million investment over four years.
Menopause Training
$1.2 million supports training healthcare professionals on menopause.
Women's Economic Security
Tax Cuts and Superannuation
Changes to stage three tax cuts and the introduction of superannuation on Commonwealth-funded parental leave benefit women.
Student Debt
Reforms address the gender gap in student debt, with nearly 60% held by women.
Migrant and Refugee Women
$15 million over three years goes towards education activities on workplace safeguards and compliance with migration laws, empowering them to report exploitation.
Valuing Women's Care Work
Early Childhood Educators & Aged Care Workers
The government commits to funding wage increases for these female-dominated professions, following the Fair Work Commission's ongoing process. This builds on the $11.3 billion already provided for interim wage increases in aged care.
Prac Payment
$1.6 billion over the next decade supports students in nursing, midwifery, teaching, and social work with a $319.50 per week payment during their mandatory unpaid placements.
Representation in the Workforce
Building Women's Careers
This program tackles gender segregation in the workforce by supporting women in male-dominated and high-demand industries.
Business
Voluntary Supplier Registration
While there's no specific funding for female entrepreneurs, women-owned businesses can self-identify through AusTender for increased transparency in government procurement processes.
Cost-of-Living Relief
Energy Rebates
All households receive a $300 energy rebate as part of the $7.8 billion cost-of-living relief package.
Rent Assistance
Nearly one million households benefit from a 10% increase in Commonwealth rent assistance, translating to up to $18.80 per fortnight for singles and $25 for families.
Prescription Co-payments
A two-year freeze on prescription co-payments helps manage medication costs.
While not exclusively targeted at women, these budget measures acknowledge the specific challenges women face and aim to create a more equitable and secure future for them.
What do you think about #Budget2024?
Jahanne is a Senior Investment Adviser who specialises in providing a holistic approach to wealth advice. Contact Jahanne today to discuss your investment strategy via [email protected] or 03 9947 4156.
