The government has released its plan to combat cost-of-living pressures. 7NEWS
A $14.6 billion cost-of-living relief plan has been unveiled as the centrepiece of the federal budget backdropped by its first surplus in 15 years.With a $4.2 billion surplus projected for the 2022-23 financial year, he becomes the first Labor treasurer to do so since 1989.But he warns that the headline-grabbing figure will likely be a once-off, and an uncertain global economy means spending must be cautious.
However, the budget warns that it is projected to return to a deficit in 2023-24 due to stuttering economic growth. “Outside of the pandemic and the Global Financial Crisis, the next two years are expected to be the weakest for global growth in over two decades,” Chalmers said.Treasurer Jim Chalmers has delivered his second federal budget.Economic growth is projected to slow from 3.25 per cent in 2022-23 to 1.5 per cent in the following year, before recovering to 2.25 per cent.
From July, 5 million households will be able to claim up to $500 in subsidies, while 1 million small businesses will be able to claim up to $650.“More than 5 million households will have up to $500 deducted from their power bills in the next financial year,” Chalmers said.Energy prices skyrocketed globally in the wake of the Russian invasion of Ukraine.
From September, patients deemed eligible by their GP will be able to collect two months’ supply of medicines instead of one. A $3.5 billion package over five years was announced by the government on Tuesday, tripling bulk billing incentives for doctors attending to the most common consultations — children, pensioners and concession card holders.
“Until now, people aged 60 and over and on payments for a long time have received a higher rate, in recognition of the additional barriers they face finding work,” he said.“The majority of people aged 55 and over on JobSeeker are women, many with little to no savings or superannuation, and who are at risk of homelessness.
The government also announced an increase to the Commonwealth Rent Assistance program, touting it as the largest in more than three decades. 7NEWS first revealed that wage growth was accelerating faster than expected, with real wage growth now projected in early 2024 instead of mid-2024.Chalmers said in the budget that wages were growing at their “fastest rate since 2012”.
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