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Budget 2022: Aussies to get $400 cash payment

·2-min read
Budget 2022: A person removing cash from a wallet, a price sign at an Australian petrol station and a shopping trolly in an aisle of a supermarket.
Cash payments are expected to be handed out in the 2022 Budget to combat cost-of-living pressures. (Source: Getty)

Some Aussies may find themselves with an extra $400 in the bank, with the Government expected to announce the payments as part of the 2022 Budget.

Prime Minister Scott Morrison has hinted at the payments, which are reported to be in response to record-high petrol prices and the rising cost of living, sources told the Australian Financial Review.

The Budget will be handed down by Treasurer Josh Frydenberg on Tuesday, March 29 at 7:30pm AEDT.

The payments are expected to be between $200 and $400, to be given to Aussie workers as the cost of living bites and wages remain stagnant.

It is understood these payments will be a one-time cash splash for low- and middle-income earners, not an ongoing stimulus measure.

This comes after the Government announced an increase to Centrelink payments for pensioners and the unemployed to keep up with inflation.

The welfare boost means a $20.10 fortnightly increase for individuals to $987.60 and a $30.20 increase for couples combined at $1,488.80.

Asset-test limits will also be stretched to allow more people to access a part pension, with the cap rising by $6,750 to $599,750 for single homeowners.

Homeowner couples will see a $10,000 rise to the asset cap to $901,500.

Cost-of-living pressures

Filling up the tank has never been more expensive with fuel prices skyrocketing to more than $2 a litre.

Prices could edge towards $2.70 a litre based on JP Morgan’s latest prediction of oil prices rising to US$185 a barrel by the end of the year, according to at least one expert.

On top of that, the cost of your weekly shop is also expected to rise, with Fresh produce, meat and dairy prices also seeing gains.

As we head into the cooler months, Australian households and businesses have also been warned to expect natural gas price hikes as the conflict in Ukraine aggravates existing pressures on local gas markets.

Higher gas prices are likely to be felt by Victorians, who rely heavily on gas to keep their homes warm, as well as lower-income and vulnerable households.

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