Federal Budget 2024-25: Women’s Budget Statement, AI, and Quantum Computing

Women’s Budget Statement

The 2024–25 Women’s Budget Statement emphasises five priorities, such as:

1. Gender-based violence
2. Unpaid and paid care
3. Economic equality and security
4. Health
5. Leadership, representation and decision-making.

The measures have been announced by the government as part of the Federal Budget to:

• Take action to End Violence against Women and Children 2022–2032 through the National Plan to identify the epidemic rates of violence in Australia.
• Permanently administering ongoing financial support through the Leaving Violence Program for victim-survivors leaving a violent intimate partner relationship.
• Maximise funding to help women and children fleeing domestic violence with crisis and transitional accommodation.
• Offer cost-of-living relief to all women taxpayers and minimise disincentives to their workforce participation through the legislated tax cuts.
• Provide additional energy bill relief and maximise the maximum rates of Commonwealth Rent Assistance.
• Invest in women’s health to identify the higher health expenses experienced by women, while ensuring greater access, choice and support.
• Reform the HELP debt indexation and declare a new Commonwealth Prac Payment.
• Introduce a superannuation guarantee equivalent payment from 1 July 2025 on Government-funded Paid Parental Leave.
• Offer funding towards wage increases for aged care workers and early childhood educators.
• Launch the Building Women’s Careers program that will enhance women’s participation in clean energy, construction, advanced manufacturing industries, and technology and digital sectors.

Safe AI

Funding $39.9 million from 2023–24 over 5 years for the implementation of policies and capability to support the use of artificial intelligence (AI) technology safely, including:

• $21.6 million from 2024-25 over 4 years to set up a reshaped National AI Centre and an AI advisory body within the Department of Industry, Science and Resources
• $15.7 million from 2024–25 over two years to support the coordination of AI policy development, regulation, industry analytical capability and engagement activities across government
• $2.6 million from 2024–25 over three years to respond to and reduce national security risks related to AI.

Quantum Computing Capability Development

Funding $466.4 million for a financing package of equity and loans offered by Export Finance Australia on the National Interest Account to PsiQuantum Pty Ltd to support the construction and operation of quantum computing capabilities and related with investment in industry and research development in Brisbane, as part of a joint investment with the Queensland Government.

Funding $27.7 million from 2023–24 over 11 years for the Department of Foreign Affairs and Trade, Department of Finance, the Department of Industry, Science and Resources and the Department of the Treasury to provide oversight of this investment.