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Federal Budget 2023: Cost of Living Package Exceeds $14 Billion

Key Point
  • Tuesday’s federal budget includes a $14.6 billion cost-of-living package.
  • There has been speculation about an across-the-board JobSeeker boost, with a reported $40 increase in two weeks.
  • Millions of households and small businesses will receive financial assistance to cope with rising energy costs.
The federal cost of living package will be more than $14 billion over four years as speculation intensifies about an overall JobSeeker boost.
The heavily advertised budget package includes f, expected to flow into millions of homes and businesses.
investment in Tax incentives for electrification and energy efficiency upgrades also total less than $14.6 billion over four years, targeting severe cost of living pressures.
The government’s plan to help households and businesses through a period of very high inflation is due to be released in the budget on Tuesday night.
In a subsequent report, the government confirmed an increase of $40 for two weeks.
The Greens have already set their sights on a potential $40 price hike in two weeks.
The latest report follows last week’s speculation that the rise will be limited to those over 55.
Welfare advocates warn against age limits on JobSeeker’s rise, as more than 680,000 young Australians using JobSeeker and Youth Allowance will not benefit from such policies .

Some young welfare recipients have accused Prime Minister Anthony Albanese of “forgetting where he came from” and prioritizing voting safety over alleviating poverty.

The government also confirmed that millions of households and small businesses will receive financial assistance to help them cope with rising energy bills within their budgets.
According to Treasury Secretary Jim Chalmers, 5.5 million households and 1 million small businesses will benefit from cost of living measures.

The exact amount was not disclosed, but Chalmers said it was “hundreds of dollars” and the amount varies by state and territory.

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The federal government has also achieved $17.8 billion in budget cuts and spending shifts, with Finance Minister Katie Gallagher accusing the former coalition of “tricky budgeting tactics and fraud.”
“Labor is openly speaking with the Australian people about the true state of the books and the decisions we are making to help people in need and grow the economy,” she said. I got
The total includes $7.8 billion of re-priorities already outlined. .
Over the weekend, changes were also announced to the oil resource rental tax. If this gets into law, it will bring him an additional $2.4 billion over four years.

Whether or not the government will run a budget surplus is uncertain, but it would be politically advantageous as it would undermine opposition attacks on Labor’s ability to manage its finances.

https://www.sbs.com.au/news/article/the-budgets-cost-of-living-package-will-top-14-billion-this-is-what-we-know-so-far/j0dhfqqer Federal Budget 2023: Cost of Living Package Exceeds $14 Billion

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