Cost-of-living relief measures across the country have begun.
The start of the new financial year means new cost-of-living measures to try to help you save money, but what do you have to do to get the benefits?
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As part of the 2024-2025 federal budget, the government announced many targeted cost-of-living relief measures, which aim to save all Australians some money.
But that was in May, and the new financial year is now well and truly under way.
The News has put together all the key changes applicable from July 1, and most importantly, what you have to do to reap the rewards:
The Federal Government’s stage three tax cuts are here, meaning every Australian taxpayer is now paying less tax.
However you don’t have to wait for the end of the 2024-25 financial year to benefit, and you’ll start seeing results from the moment you get your first payslip in July.
You’ll be losing less of your income to tax each time you get paid, and get to take home more of your pay each week, fortnight or month.
You don’t have to do anything to receive the new tax cuts, all the calculations will be done by the Australian Taxation Office to ensure you’re paying the right amount.
But if you’re curious to find out roughly how much money you’ll save on tax for the financial year, check out the tax cut calculator at taxcuts.gov.au/calculator
Energy bill rebate for households and small businesses
In the 2024-25 financial year, all households are eligible to get up to $300 off their energy bills, and eligible small businesses are eligible to get up to $325 off their energy bills.
But don’t expect your next power bill to be $300 cheaper. The payment will be automatically taken off your power bill and applied quarterly.
Another important thing to note is that the payment will only be applied to households, not everybody who lives in the household.
Freeze on the cost of PBS medicines
From July 1, the amount you pay for prescription medicines listed on the Pharmaceutical Benefits Scheme won’t go up with inflation, with the aim of saving Australians time and money.
Instead, there will be a one-year freeze on the maximum amount of $31.60 Medicare cardholders may have to pay, and a five-year freeze on the maximum price of $7.70 concession cardholders or pensioners may have to pay for a PBS medicine.
Essentially, this new cost-of-living measure means you won’t be paying more when buying a prescription listed on the PBS, no matter how much inflation rises.
The amount you pay for prescription medicines listed on the Pharmaceutical Benefits Scheme won’t be going up with inflation for at least the next year.
Labor Senator for Victoria Jana Stewart said people in the Goulburn Valley were “under pressure right now”.
“That’s why the Albanese Labor Government is delivering this help now, while delivering on our responsible economic plan to fight inflation and invest in future growth,” she said.
“I know there’s still more to do, and I’ll keep working every day to deliver for the people of Victoria.”
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