ANTHONY ALBANESE MP
PRIME MINISTER OF AUSTRALIA
 
JIM CHALMERS MP
TREASURER

Helping Australians with the cost of living is our Government’s number one priority.
 
This Budget delivers a tax cut for every taxpayer, provides new energy bill relief for every household, cuts student debt and increases rent assistance for nearly 1 million households.
 
The Albanese Labor Government knows many Australians are doing it tough and is focused on easing those pressures.
 
Our Budget centrepiece is a tax cut for every one of the nation’s 13.6 million taxpayers, which will begin flowing in less than seven weeks.
 
These cost-of-living measures have been carefully designed to take pressure off Australians doing it tough and to directly reduce inflation.
 
For a family on a combined income of around $130,000 – with one partner earning $80,000 and the other $50,000 – their combined tax cut will be over $2,600 a year or about $50 a week. They will also be eligible for $300 in energy bill relief in 2024–25.
 
Energy bill relief and the increase to Commonwealth Rent Assistance are expected to directly reduce inflation by half of a percentage point in 2024–25 and not expected to add to broader inflationary pressures.
 
This Budget builds on the ongoing relief provided in our first two budgets, which includes making it easier to see a bulk billing doctor, making medicines cheaper, cheaper child care and higher JobSeeker and other working age and student payments.
 
Cost-of-living help in the 2024-25 Budget:

• All 13.6 million Australian taxpayers will get a tax cut, with an average cut of $1,888 a year or $36 a week.
• $3.5 billion in energy bill relief for all Australian households and one million small businesses.
• $1.9 billion to increase Commonwealth Rent Assistance by a further 10 per cent, benefiting nearly 1 million households.
• Cheaper medicines as part of the up to $3 billion agreement with community pharmacies.
• Waiving $3 billion in student debt for more than 3 million Australians to make student loans fairer.
• Getting a fairer deal for consumers at the supermarket checkout.
• $1.1 billion to pay superannuation on government-funded Paid Parental Leave.
• $138 million to boost funding for emergency and food relief and financial support. services
• Provisioning for higher wages for aged care and child care workers.
• Extending the freeze on deeming rates for 876,000 income support recipients.

Our responsible policies are helping address the cost of living pressures around the kitchen table and around our economy.
 
This Budget is not the beginning of our action on cost of living and it won’t be the end.
 
The Albanese Labor Government’s third Budget is designed to see people through these difficult times, stare down the inflation challenge and set our country up for the future.

As at 14 May 2024.