The federal budget has introduced new energy bill rebates for every Australian household and some small businesses, alongside an increase to Rent Assistance payments and changes to paid parental leave. These measures aim to address the rising cost of living, which Treasurer Jim Chalmers described as his 'number one priority.'
From July 1, more than 10 million households will receive a $300 credit on their electricity bills, applied automatically in quarterly instalments. Around one million small businesses will receive $325. Additionally, the maximum rate of Rent Assistance will rise by 10 percent, following a 15 percent increase last September, marking the first time in over 30 years that rates have been raised in consecutive budgets.
Tax cuts reworked to benefit low and middle-income earners will provide up to $1,929 annually for those earning $90,000, delivered as an 'effective pay rise' from July 1. The budget also includes superannuation payments on government-funded paid parental leave for babies born or adopted after July 1, 2025, adding 12 percent to a super fund.
Student debt relief includes capping the HELP indexation rate to the lower of CPI or wage price index, eliminating about $3 billion in debt. However, a new $319.50 weekly means-tested payment for compulsory placements has been criticized as insufficient by student groups.
Unemployment payments like JobSeeker remain unchanged at $762.70 fortnightly, though those able to work up to 14 hours weekly will see a $55 increase combined with a higher energy supplement. The budget projects a $9.3 billion surplus for 2023-24, but the Antipoverty Centre argues it fails to provide meaningful relief for those in poverty.
