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More cost-of-living relief coming for millions of Aussies

Queenslanders will be spared from increased public transport and car registration costs in 2024.

Queenslanders will receive further cost-of-living relief next year, after the state’s mid-year budget revealed a smaller deficit for the 2023-24 year.

The government will freeze public transport fees for 12 months from January 1, meaning commuters won’t be slugged with higher costs. This is estimated to save a commuter travelling from the Gold Coast to Brisbane more than $210 a year on public transport in additional costs, the government said.

The government is also freezing registration fees for motor vehicles from July 1, 2024. This means motorists will be spared the usual annual fee increase. Last year, the total cost of registering a four-cylinder vehicle this year rose from $773 to $793 - about $20.

Australian money. Cost of living.
Queenslanders will be getting some additional cost-of-living relief, as announced in the state’s budget update today. (Source: Getty)

Do you have a cost-of-living story to share? Contact tamika.seeto@yahooinc.com

Treasurer Cameron Dick said a small net operating deficit of $138 million was forecast for 2023/24, a $2.044 billion improvement on the deficit projected in the budget.

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Coal royalties have provided a boost for the state and are expected to provide $9.4 billion in revenue, an increase of $3.8 billion from what was initially projected.

"The strength of our balance sheet enables us to deliver more cost-of-living relief for Queenslanders," Dick said.

"The number one priority of the government is to make sure we deliver as much cost-of-living relief to Queensland families and businesses as we can afford."

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Other cost-of-living relief includes free kindergarten (which is the year before prep) for families from 2024 and doubling the First Home Owner Grant to $30,000 until mid-2025.

All Queensland households also received $550 electricity rebates this year, while vulnerable households received $700.

“These changes are not as big as the electricity bill rate rebates, but every dollar you don't have to spend at a time like this is very important," Dick said.

No new federal cost-of-living support

While Queenslanders can expect some further support, the same cannot be said for all Aussies battling rising costs.

Australia’s federal budget is on track for a much smaller deficit of $1.1 billion this year, today’s mid-year budget update revealed, an improvement of $12.8 billion compared to the May budget.

While there was no additional cost-of-living relief included in the update, Treasurer Jim Chalmers noted the government's targeted cost-of-living relief was still being rolled out.

This included targeted energy bill subsidies, cheaper medicines, cheaper child care and an increase to Commonwealth Rent Assistance.

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