Federal Government budget favours arts, sport and tourism along with $3.4 billion commitment to Brisbane Olympics

Australian Treasurer Jim Chalmers has handed down a second consecutive surplus in the 2024/25 Federal budget, but with looming deficits for the next decade.

Announced this evening, Treasurer Chalmers has attempted to relieve cost-of-living pressures without adding to inflation, unveiling new spending measures amid global economic uncertainty.

Stage 3 tax cuts are at the forefront of the cost-of-living relief measures, alongside a $300 energy bill rebate, scrapping $3 billion worth of tertiary student debt and a 10% increase in Commonwealth rent assistance.

Across the leisure industry, the arts, sport and tourism are set to benefit from wide ranging Federal Government support.

Sport and the Olympics
Beyond last Friday's announcement of the $249.7 million to upgrade Australian Institute of Sport facilities in Canberra along with a further $10 million towards the development of a masterplan for the Canberra Stadium precinct masterplan, the 2024/25 Federal budget includes more than $97 million over two years to the Australian Sports Commission to extend the Sporting Schools, the Local Sporting Champions and Local Para Champions programs, as well as participation funding to help more Australians get active.

The budget also confirms Olympic funding with $2.5 billion for the Brisbane Arena (Brisbane Live venue) and $935 million for other sporting and entertainment venues across Queensland.

The Federal Government will also help out with the development of the Sunshine Coast Rail and Beerburrum to Nambour Rail upgrades ahead of the Games.

Tourism
A series of measures in the budget are intended to support tourism, including the retention of funding for Tourism Australia.

Measures include the introduction of an expedited passport service - to commence on 1st July 2024 - allowing applications to be processed within five business days for an additional fee. This initiative is anticipated to streamline travel for Australians, enhance international mobility, and boost the travel industry’s recovery post-pandemic.

The budget also reinstates funding to support Chinese tour groups come to Australia through the Approved Destination Status (ADS) scheme, providing $8.1 million over four years from - and $2.5 million per year ongoing - after it was put on hold and defunded during the pandemic.

The budget also includes support for the development of sustainable aviation fuels.

Arts
A total of $115.2 million for the ARTS8 group - the eight elite national training institutions including the National Institute of Dramatic Art (NIDA), the Flying Fruit Fly Circus and the Australian Film, Television and Radio School (AFTRS) - is one of the centrepiece investments of the 2024/25 Federal budget.

The screen sector is also a beneficiary this year, with the budget including $14.5 million to support the production of Australian children’s screen content, and a further $9.3 million to expand and enhance the National Film and Sound Archive’s (NFSA) capacity to store highly flammable nitrate-based cultural heritage material.

The budget also includes $8.6 million for the Revive Live program, providing support to live music venues and festivals that showcase Australian bands and artists, seen as a much-needed investment in light of the many Australian music festivals that have gone on hiatus or been cancelled this year.

The Federal Government’s latest investment in live music follows the recent release of Creative Australia’s Soundcheck report into the state of the music festival sector, which found that 47% of music festival organisers say their events are being adversely affected by rising operational costs, while more than one in three music festivals (35%) reported a deficit in the 2022/23 financial year.

Tax deductibility for gym memberships
The budget included no tax deductibility for gym memberships, despite AUSactive's effective campaign for the introduction of tax deductibility for gym memberships for all taxpayers and fringe benefit tax exemption for employer provided gym memberships.

Images: The latest concept for the Brisbane Arena/Brisbane Live venue (top) and Federal Treasurer Jim Chalmers (below, credit: Facebook).