Rizna Mutmainah
Money & Banking

Federal Budget 2023: How to make the most of the key promises

Treasurer Jim Charles has handed down his first budget for 2023/24, offering a series of measures aimed at tackling the cost-of-living crisis.

Millions of Australians will receive a boost from the federal government medical care, bills and welfare payments, amid the forecast that the budget will be be in the black with a surplus of $4bn.

Here’s what it means for you:

Bill help

Those who are on the pension, a seniors card holder or a recipient of family tax benefits A and B will be eligible to get help with energy bills thanks to a deal between the states and Commonwealth that’s worth $1.5bn.

That means over five million eligible households and one million eligible small businesses will benefit from the scheme.

The relief will come in the form of credits that apply directly to their power bills rather than cash, and the amount they receive will depend on the state they live in.

Medicare Relief

The incentives paid to GPs who bulk bill 11.6m eligible Australians including children under 16, pensioners and other concession card holders will increase.

GPs will be able to claim the incentives for in-person consultations over six minutes long and certain telehealth consultations.

GPs who bulk bill patients in the city will be paid a new incentive of $20.65 compared to the previous rate of $6.60, while regional GPs will receive a $31.40 incentive, up from $10.05.

Welfare recipients

Over 1.1 million vulnerable Australians will benefit from a $40 fortnightly boost from September, if parliament agrees.

The increased base rate will apply to people receiving JobSeeker, Youth Allowance, Parenting Payment (partnered), ABSTUDY, Disability Support Pension (Youth) and Special Benefit.

Rental assistance

For many renters, this budget means that rent is forecasted to increase over the next year as the market tightens.

However, for those currently receiving the maximum Commonwealth Rent Assistance allowance their payments will increase by 15 per cent.

Here’s what the Federal Budget will look like at a glance:

 

And here are the key measures the federal budget has promised:

Image: Getty Images/ Martin Ollman / Stringer

Tags:
Finance, Money & Banking, Federal Budget, Medicare, Energy Bills, Cost-of-living Crisis, Rental Assistance, Welfare