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Australians have dug ever deeper into their pockets as the cost-of-living crisis continues to squeeze households, with eyes on the federal budget seeking hoped-for relief.
The federal government has unveiled an array of initiatives designed to ease the pressure on people in a number of areas, including energy, medicine, rent, and tax.
Treasurer Jim Chalmers said in his speech that inflation could return to its target range ahead of schedule, potentially by the end of the year.
TWO MINUTE GUIDE: Energy bill relief, rent assistance, and freeze on cost of medicines
While waiting for that burden to lighten, here's where an Aussie household can look for cost of living relief out of tonight's budget.
Power bill relief
From July 1 this year, about 10 million households will receive a $300 rebate on their energy bills, while about one million small businesses will receive a rebate of $325.
The government said in its budget overview that the assistance would reduce headline inflation by about 0.5 per cent in 2024-25.
"In 2022, Russia’s invasion of Ukraine triggered the biggest shock to global energy prices since the 1970s," Chalmers said.
"We know Australian families and businesses have felt this pain – and that’s why we stepped in to help."
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Tax cuts
Under the legislated changes to stage 3 tax cuts, every Australian taxpayer has been promised a cut that will average at $1888 a year – or $36 a week.
A couple working full-time, earning $75,292 and $60,000 respectively, will receive a combined tax cut of $2740.
With two young children attending a long day care centre three days a week, they also qualify for $2430 under last year's new child care subsidy.
Together with the $300 energy bill rebate, their total benefit is $5470.
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Medicine price freeze
The government will also impose two price freezes on the Pharmaceutical Benefits Scheme.
The first, a one-year freeze that will take place from January 1, 2025, to December 31, 2025, will see the maximum payment for prescriptions halted at $31.60 – the current maximum.
A second freeze will apply between January 1, 2025, and December 31 2029, for concession card holders, including pensioners, which means prescription prices will be capped at $7.70 until 2030.
Pensioners and concession card holders make up 60 per cent of prescription holders in the country.
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Social Security
Deeming rates will also be frozen at their current rates until June 30, 2025.
This will again largely affect people on an age pension, along with others who rely on income from deemed financial investments alongside their welfare payment.
Rent help
People relying on the Commonwealth Rent Assistance program will see the maximum rate available to them increased by 10 per cent.
As an example, single mum of a nine-year-old, who is not employed, is eligible for an extra $1215 rental help under the new budget.
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ENERGY BILL RELIEF: $300 for every household, $325 for small businesses
Student debt
As previously revealed, the government plans to cut $3 billion in student debt, which will affect more than three million Australians.
The Higher Education Loan Program (HELP) indexation rate will now be matched to the lower number between the Consumer Price Index and the Wage Price Index, backdated to June 1, 2023.
That's a change of 7.1 per cent to 3.2 per cent in the second half of 2023, and 4.7 per cent to four per cent in 2024.
A former student with the average HELP debt of $26,500 will have $1190 credited to his account under the new indexation, with the debt as a whole reduced by about $1600.
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