Yahoo Finance All the major cost-of-living relief in 2024 Federal Budget
Aussies are crying out for cost-of-living relief. Here’s what the 2024 Federal Budget has in store.
Video transcript
Aussies are crying out for cost of living relief.
Here's what the 2024 federal budget has in store.
All 13.6 million Aussie taxpayers will see an increase in their take home pay as tax cuts come in on July 1st.
The average benefit is $1888 per year, or $36 a week.
A $3.5 billion energy relief package will hand a $300 rebate to every Australian household.
Along with small businesses.
The Commonwealth Rent Assistance payment will be increased by 10% on top of the 15% hike in last year's budget.
Medicine will be cheaper under a temporary freeze on the maximum co-payment for the pharmaceutical benefits scheme for anyone with a Medicare card, Treasurer Jim Chalmers said.
Noone will pay more than $31.60 this year and next.
Pensioners and concession card holders will have theirs frozen for five years at $7.
70 students in some health and teaching fields will be eligible for a $320 a week payment on top of other income support to help with hours spent doing unpaid work There will also be $88.8 million dedicated to funding 20,000 new fee free tafe places over the next three years.
Parents are getting an expanded parental leave scheme, and now the government has flagged, introducing 12% superannuation payments from July 1st 2025.
Job seekers with a partial capacity to work between zero and 14 hours a week will get a $54.90 a week increase as the eligibility criteria is expanded.
