Individuals & Families
Energy price plan relief
Five-year funding of $1.5 billion has been allocated to reduce energy costs for specific demographics while also advancing gas market reform.
Eligible households and small business customers, such as retirees, beneficiaries of Family Tax Benefit A and B, and small business customers of electricity suppliers, will receive targeted energy bill assistance through the Energy Bill assistance Fund.
Energy Efficiency Fund for Homes
To help pay for renovations to homes that increase their efficiency in using energy, a $1.3 billion Household Energy Renovation Fund will be created. Instead of handing out cash, the government is investing $1 billion in the Clean Energy Finance Corporation so that it can work with private banks to offer low-interest loans and mortgages to homeowners interested in making energy-efficient improvements to their homes.
Together with the states and territories, the government has committed $300 million to improving social housing.
Encouragement for Medicare to offer bulk billing to families with children and pension holders
The pension card holders’ and the under-16 patients’ bulk billing incentive advantages for consultations will be increased.
Medicare Levy Contributors Will Decline
As of July 1, 2022, the low-income requirements for the Medicare tax will rise for singles, families, seniors, and retirees.
In place of the previous $3,619, the family income criteria will rise to $3,760 for each dependent kid or student.
Medicare Levy will not be applied to retroactive lump sum payments
The government will introduce a technical modification to prevent low-income individuals from having to pay a higher amount of the Medicare Levy if they get an eligible lump sum payment. For instance, if an employee is awarded back pay in the form of a lump sum.
For this lump sum to be available, the taxpayer must have been eligible for a decrease in their Medicare levy in either of the two most recent years.
The current lump sum payment in arrears tax offset has additional eligibility restrictions, such as the lump sum having to represent at least 10% of the taxpayer’s income in the year of receipt.
The government will provide more assistance to people receiving benefits if they are of working age.
Beginning on September 20, 2023, the regular bi-weekly payout amount for people of working age and students will increase by $40. JobSeeker Payment, Youth Allowance, Parenting Payment (Partnered), Austudy, Disability Support Pension (Youth), and Special Benefit are all eligible for the increase.
In addition, those 55 and older who have been receiving the JobSeeker Payment for 9 months or longer will be eligible for the higher single rate currently reserved for those aged 60 and up.
Supplemental Income for Single Parents
The Parental Payment (Single) age limit has been raised from 8 to 14, as previously announced. The current base rate of support for single parents is $922.10 per fortnight until the youngest kid turns 14.
Therefore, payments to qualified single parents on JobSeeker will increase to $176.90 every two weeks.
More money for rent subsidies
From 2022-23, the maximum Commonwealth Rent Assistance (CRA) payments will be 15% more than they were previously.
Retirement income extension programme
The policy that prevents retirees and military veterans from having their pensions cut if they earn more money has been extended by six months, through the end of 2023.
Growth of home-based aged care
In the 2023–24 FY, funding has been allocated for an additional 9,500 Home Care Packages. A pilot programme to evaluate products and services for a new loan programme for assistive technologies will launch in July 2024 within two states and territories as part of the $338.7Mil package.
The home-guarantee programme now includes close relatives and friends
Joint applications from “friends, siblings, and other family members” and individuals who have not owned a house in at least 10 years will be eligible for the Government’s house Guarantee Scheme beginning on July 1, 2023, as previously promised.