An energy rebate for every household, tax cuts for all and an increase in Commonwealth rent assistance are the big take-aways from this week’s Federal Budget for Central Coast residents.
Member for Robertson Gordon Reid said the region was set to benefit through targeted cost-of-living relief that would help ease price pressures on singles, students, families, pensioners and self-funded retirees.
Cost-of-living measures announced in the Budget, handed down on Tuesday night, May 14, include $300 energy rebates for every household, $325 energy rebates for small businesses, and 29 new Medicare Urgent Care Clinics.
Those who receive quarterly power bills will see a credit of $75 on each of their four bills over the next year.
This is on top of already announced measures including changes to student debt, paid placements for teachers, nurses midwives and social workers, and superannuation paid in parental leave.
“Our Budget is continuing our record of responsible fiscal management and helping ease the cost of living for all Australians without adding to inflation, including here on the Central Coast,” Reid said.
“Through our targeted cost of living measures, people living on the Central Coast will benefit from … energy rebates … on top of our already announced tax cuts for every taxpayer that will come into effect from July 1 this year.
“All 13.6 million taxpayers will receive a tax cut with 135,000 taxpayers on the Central Coast benefiting.
“The Federal Budget also mapped out our government’s vision to support Australian jobs and manufacturing through our Future Made in Australia policy.
“We will continue to do what we responsibly can to help people living on the Central Coast manage cost-of-living pressures.
“There is more work to do to ensure we tackle inflation, and address price pressures.”
Member for Dobell Emma McBride said the Government knew that people on the Central Coast are doing it tough.
“We are delivering cost-of-living relief for Coasties with tax cuts, energy bill relief, more Fee-Free TAFE places, cheaper medicines and more rental assistance,” she said.
“It’s about the top priority that drives our government – acting on cost of living.”
McBride highlighted the wiping of about $3B from student HECS debt, set to benefit 15,404 residents in Dobell, and the expansion of fee-free TAFE with 20,000 additional places in housing and construction.
She said the Budget aimed to take pressure off people without adding to pressure on inflation; a Budget to train more tradies, build more homes, boost bulk billing and give more Australians a crack at university or TAFE.
She also highlighted the Future Made in Australia; the transformative opportunities of clean energy, new technology, strengthening the defence industry and capability, and investing in strategic industries.
The Budget includes a 10 per cent increase in Commonwealth rent assistance, set to benefit 7,310 households in the Robertson electorate and 9,480 in Dobell.
This is on top of the 15 per cent increase announced in the last Budget.
Coasties will also benefit from a five-year price freeze on medicines for pensioners and concession card holders at $7.70 and a one-year freeze for others at $31.60.
Treasurer Jim Chalmers says the “cost of living budget” reinforces that the Government wants to be part of the solution to inflation, not part of the problem.
Other measures announced in the Budget include cutting $3B in student debt for more than three million Australians and cheaper medicines through a new Community Pharmacy Agreement.
To tackle the housing crisis, the Budget includes: a new five-year National Agreement on Social Housing and Homelessness for states and territories to deliver crisis support and social housing; $1B to support women and children experiencing domestic violence, as well as youth; training more tradies and construction workers to build more homes by boosting construction skills with fee-free TAFE places; expanding the Affordable Housing Bond Aggregator program; bolstering community housing providers to support the first tranche of homes to be delivered under the Housing Australia Future Fund and National Housing Accord; and delivering funding for new and existing infrastructure projects.
The Budget will see $22.7B invested over a decade to build a stronger and more resilient economy powered by clean energy, create more well-paid jobs and facilitate private investment.
Along with 29 more Medicare Urgent Care Clinics, the Budget delivers: free access to mental health care for more Australians; an additional 24,100 home care packages; getting the NDIS back on track; and provisioning for wage increases for aged care and early childhood education and care workers.
It also delivers better outcomes for women and Aboriginal and Torres Strait Islander Australians, including through superannuation on Paid Parental Leave, support for victim survivors of domestic violence, and improved education, jobs, housing and essential services for First Nations people.
Following a surplus of $22.1B in 2022–23, the Budget is forecasting a surplus of $9.3B in 2023–24.
Fiscal pressures will intensify after that, with a deficit of $28.3B forecast for 2024–25.
Shadow Treasurer Angus Taylor said the energy rebate was necessary because Labor has failed to deliver on its pre-election promise of a $275 reduction in energy costs.
“It’s now admitting it’s failed and it’s putting a band-aid on a bullet wound,” he said.
“It hasn’t dealt with the underlying problems in the energy sector.
“What we needed to see in this Budget was a wholesale attack on inflation, beating the inflation dragon, and we haven’t seen that.”
Terry Collins