Yahoo Finance Budget 2022: One-time $400 cash boost for Aussies - so who is eligible?
With the cost of living continuing to put a strain on Aussie households, the Morrison Government is reportedly going to provide a cash boost in the Budget.
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.
Prime Minister Scott Morrison 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.
lso read: Budget 2022: Everything we know so far
Also read: What tax changes to expect - for you and your business
Also read: Australia's $6 billion shopping list: 5 issues the 2022 Budget must tackle
The Budget will be handed down by Treasurer Josh Frydenberg next Tuesday, March 29 at 7:30pm AEDT.
So, who will get the payments?
Low-to-middle-income earners will reportedly find themselves with some extra cash in the bank to help offset the rising cost of living.
A low-to-middle-income earner in Australia is someone earning between $37,001 and $126,000, according to the Australian Taxation Office.
This comes after the Government announced an increase to Centrelink payments for pensioners and the unemployed to keep up with inflation.
The 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.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
