Treasurer Jim Chalmers has handed down his second budget, with a focus on cost-of-living measures.
Find out how you’ll be affected with our budget calculator.
Single parents
The Parenting Payment (Single) will be extended, and will now be available to single parents – the vast majority of which are mums – until their youngest child turns 14, rather than eight, as was previously the case.
This will provide 57,000 families an extra $176.90 per fortnight.
Renters
It’s no secret renters are doing it tough, which is why the government is increasing the maximum rates of Commonwealth Rent Assistance by 15 per cent.
This will provide up to $31 extra a fortnight for people renting in the private market and community housing – the biggest increase in more than three decades.
The government’s Housing Accord also aims to build one million “new, well-located homes over five years from 2024” to boost supply, and will provide a new tax break for build-to-rent projects, slashing the managed investment trust withholding tax from 30 to 15 per cent.
The liability cap of the National Housing Finance and Investment Corporation will also be increased by $2 billion to support more lending to community housing providers.
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Welfare recipients
After days of speculation, it has been confirmed that all JobSeeker recipients will see their payments go up by $40 per fortnight, as well as those on Youth Allowance, Austudy and other income support payments.
Until now, those aged 60 and over on long-term payments have received a higher rate of pay in acknowledgment of the extra barriers they face in securing a job.
But with over 55s now the biggest group of Aussies on JobSeeker, that cohort will now be eligible for that extra support as well.
GP visits
If you’ve visited a doctor recently, you’ll know how expensive it has become – which is why, as a centrepiece of the budget, the government has announced the biggest increase to the bulk billing incentive on record.
The health system will receive a $3.5 billion boost to help GPs deliver free consultations to around 11.6 million eligible Australians, including kids, pensioners and other concession card holders.
There will also be new funding to build eight extra Urgent Care Clinics, so people in regional communities and growing suburbs can see a doctor, and a further $445 million to enable doctors, nurses and allied health professionals to co-operate for better care.
The government is also investing $2.2 billion to increase access to medicines through the PBS, and many Aussies with common, chronic illnesses will be able to get two months’ worth of treatment for over 300 different medicines – a change that will save people up to $180 a year and will cut the cost of medicines in half for millions.
Power bills
A $3 billion package for direct energy bill relief for eligible households and small businesses has been announced, which is co-funded with the states.
It means more than five million households will have up to $500 deducted from their power bills in the next financial year – but single workers who don’t qualify for income support and families with a combined income into the six figures could miss out.
Aged care workers
$11.3 billion has been allocated to fund a 15 per cent increase in award wages for more than 250,000 aged care workers.
It is designed to help retain, reward and recruit those who care for our loved ones as they age.