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Millions of Victorians will be eligible for a $250 handout to help with the rising cost of living.
The $250 Power Saving Bonus is available for Pensioner Concession Card and Health Care Card holders including Jobseeker, Youth Allowance, Austudy and Abstudy.
Department of Veterans Affairs Pensioner Concession recipients and Department of Veterans Affairs Gold Card holders are also eligible.
The scheme was initially rolled out to ease the financial burden of struggling families during Covid-19, but has since been extended.
Millions of Victorians will be eligible for a $250 handout to help with the rising cost of living
The $250 Power Saving Bonus is available for Pensioner Concession Card and Health Care Card holders including Jobseeker, Youth Allowance, Austudy and Abstudy
Premier Daniel Andrews heaped praise on the one-off payment saying it would go a long way to help families.
‘This is a great opportunity for Victorians to save money, ease the cost of living, and cut their energy bills,’ he said.
‘Big power companies rely on people not having the time, information or knowledge to save money.
‘But we know better deals are out there – and we’re helping Victorian families find them.’
Residents will need to head to Energy Compare and register their details through the website before they can receive the one-off payment.
The scheme will open on July 1 and run until June 30 2023.
The cash splash will cost the Victorian government $250million and will be included in the state budget on Tuesday.
The boost comes after the federal government handed out $250 cash boosts to struggling families on Wednesday.
More than six million pensioners, carers, veterans, job seekers, eligible self-funded retirees and concession card holders received the payment.
Premier Daniel Andrews heaped praise on the one-off payment saying it would go a long way to help families
The measure is one of the key components of Treasurer Josh Frydenberg’s fourth budget, which was delivered in March and included plans to help millions of vulnerable Australians struggling to keep up with soaring.
Another 10 million Australians will get up to $1,500 back in their next tax return under the government’s pre-election cash-splash Budget which also slashed petrol excise.
Australians earning less than $126,000 will from July 1 get an existing tax offset of up to $1,080 plus a bonus $420 to help manage the rising cost of living in a $4.1billion policy.
The government is spending $3 billion to slash fuel duty in half for six months – saving an average household $300 over six months and families with two cars $700.
Treasurer Josh Fyrdenberg said the Government’s plan to help the economy recover after the Covid-19 pandemic was working, with unemployment predicted to reach 3.75 per cent in September, the lowest level since 1974.
‘Three years ago we said to the Australian people that under the Coalition, the economy would be stronger. We delivered,’ he said in his speech.
Treasurer Josh Fyrdenberg said the Government’s plan to help the economy recover after the Covid-19 pandemic was working, with unemployment predicted to reach 3.75 per cent in September, the lowest level since 1974
Breaking down the budget
1. Low and middle income earners
Treasurer Josh Frydenberg has introduced a one-off $420 cost of living tax offset
Australians earning less than $126,000 will get up to $1,500 when they submit their tax returns from July
The Low and Middle Income Tax Offset (LMITO) has not been extended any further, meaning your next tax return is your last chance to claim it
The fuel excise has been cut in half for the next six months from 44.2 cents a litres to 22.1 cents a litre
The cut – which will reduce receipts by $5.6billion – took effect from midnight on Tuesday and will flow through to the bowser over the next two weeks
3. Home buyers
The Home Guarantee Scheme will expand to provide a further 50,000 places to support more first home buyers
There will be an additional 35,000 places available for first home buyers, 5,000 places for single parents and 10,000 places for people who buy or build a new home in a regional area
The scheme allows buyers to put down only a five per cent deposit, with the taxpayer stumping up the rest
Dad and Partner Pay will now be combined with Parental Leave Pay to create a single scheme
Couples will have access up to 20 weeks of paid leave to divide up between them as they choose
The leave must be used within two years of having a child and will be granted to households with incomes below $350,000.
Single parents will also get an additional two weeks of Paid Parental Leave
The Budget will include dozens of major infrastructure projects to provide thousands of jobs for tradies
A further $17.9billion will go towards new and existing infrastructure projects under the government’s 10-year rolling investment pipeline
The Government is setting up an Australian Apprenticeships Incentive System to streamline apprentice funding programs
It will provide wage subsidies for employers in priority occupations and hiring incentives worth $4,000 for employers in non-priority occupations
Apprentices and trainees in priority occupations will get a direct payment of up to $5,000 over two years
The Government is committing $1.3 billion to support delivery of the new National Plan to End Violence against Women and Children 2022-32
This funding supports action across prevention, early intervention, response, and recovery
The budget outlined $25.36 billion for schools in the upcoming financial year, while almost $20 billion has been allocated for higher education
Treasurer Josh Frydenberg said $180 billion would be spent on education over the next four financial years
9. Small business owners
The Government has introduced a Technology Investment Boost and a Skills and Training Boost for companies that turn over $50million
The Technology Investment Boost will allow them to deduct a bonus 20 per cent of the cost of business expenses and depreciating assets that support digital uptake, up to $100,000 of expenditure per year
The scheme will last until June 30 2023, providing $1billion of tax relief
Aboriginal Community Controlled Health Services will benefit from a four-year rolling funding agreement and annual increases from July 1, 2023.
Some $61.2million will go towards the Australian Genomic Cancer Medical Centre to research and develop drugs for people with advanced cancers.
The Government’s national ice action strategy will received $315million over four years
Almost $10billion will be spent during the next decade doubling the size of Australia’s cyber warfare unit
The minerals industry will benefit from a $200million Accelerator grants program, $50million to support research and development and an updated industry strategy
Under a new tax regime, farmers will treat revenue from the sale of carbon credits as primary production income to reduce bills
These changes will provide farmers with an estimated $100million benefit through the tax system over the forward estimates
14. Terrorist register
Australia will establish a national register for convicted terrorists as part of the federal government’s national security funding in the upcoming budget
A nearly $87 million package will go towards the register and further support for anti-terror agencies that tackle high-risk offenders
15. Truck drivers
An inland freight route tipped to be a second Bruce highway will get an extra $400 million funding boost.
Upgrades to the more than 1,100-kilometre route aim to move trucks off existing highways, making it safer and more efficient to transport freight across the two states
The extra funding will take the total cost of the upgrades to $800 million. The works expect to create more than 2,000 jobs in Queensland
More than a million premises in regional and rural Australia will be able to access faster NBN speeds as part of an almost $500 million budget boost.
The federal government has set aside $480 million to help increase speeds on the NBN’s fixed wireless network, as well as introducing greater data limits as part of the Sky Muster service
The Government will spend $804million over the next ten years to fund scientific research and exploration of areas of Antarctica that no country has been before