The Federal Government has followed through with its promise to deliver cost-of-living relief for Australians doing it tough.
Treasurer Jim Chalmers last night handed down his third budget, with easing household financial pressures a major focus.
He announced five million households will receive $300 off their energy bills from July 1, while some small businesses will also qualify for $325.
It’s a major win for Queenslanders, with the State Government already committing to $1000 energy rebates.
It means the average home in the sunshine state will have their power costs covered for 9 months from July.
More than 1 million households across the country are also expected to benefit from a 10 per cent increase in Commonwealth Rent Assitance.
Dr Chalmers described it as a “budget for the here-and-now” and “a budget for the decades to come”.
“Our main priorities are helping with the cost of living, building more homes for Australians, investing in a future made in Australia and the skills and universities we’ll need to make it a reality,” he said.
“More homes means more affordable homes and a better deal for buyers, builders and renters alike”.
While there wasn’t a whole lot in the budget for the Gold Coast alone, the Federal Government has announced a cash splash of more than $430 million for the first stage of the Coomera Connector.
The funding will help cover the Commonwealth’s 50 per cent share of a massive $864 million cost blowout on the project, which was revealed by the State Government earlier this year.
As previously announced, $3 billion has also been committed to wipe the HECS debts of more than 3 million Australians, backdated to July 1, 2023, which will see the average loan reduced by $1200.
From July 1, all 13.6 million taxpayers will also receive an average tax cut of $1888 under Labor’s changes to the Stage Three tax cuts.
“Our new tax cuts for middle Australia are the biggest part of the cost of living relief in this Budget,” Dr Chalmers said.
It means the average household will be around $1900 better off.
“Our tax cuts are better for families, communities, women, and young people, and better for business and the economy,” he said.
