SENATOR THE HON KATY GALLAGHER
MINISTER FOR FINANCE
MINISTER FOR WOMEN
MINISTER FOR THE PUBLIC SERVICE
SENATOR FOR THE ACT
THE CANBERRA TIMES
COST-OF-LIVING RELIEF FOR ALL CANBERRANS
From Civic to Conder, Gungahlin to Garran, when I'm out and about across Canberra the number one issue raised with me is the cost of living.
And while figures out this week showed that monthly inflation is less than half its peak - and much lower than the 6.1 per cent we inherited when coming into government - household budgets remain under pressure.
Inflation remains higher than we would like, and so tackling inflation has been a priority focus for our budget decisions.
In challenging circumstances, we have had to find ways to ease cost-of-living pressures for households whilst, at the same time, keeping the pressure off inflation. We've done this in a number of ways, including through our fiscal plan which has already delivered a budget surplus with another one in sight, as we've found sensible savings where we could and reduced our interest bill on government debt.
The federal budget, handed down in May this year, provided further cost-of-living relief, including tax cuts for all taxpayers, energy bill relief for every household, cheaper medicines and $3 billion in student debt wiped.
Those tax cuts kicked in Monday for every single Australian and every single Canberran.
Whether you're a nurse at Canberra Hospital caring for sick Canberrans, a teacher shaping the next generation, a tradie building our city, a retail worker, a cleaner, an early childhood educator, an aged care worker or a public servant - from today you will keep more of what you earn.
This isn't just a minor adjustment. The average income earner in Canberra is set to benefit by more than $1840 a year.
In addition to the tax cuts, every household in Canberra will also see $300 credited towards their energy bill over the next year.
This relief will be provided via credit on your electricity bills over the next 12 months and, at the same time as lowering your bill, it will also put downward pressure on inflation.
This crucial relief will roll out at the same time as we continue to implement our renewable energy plan in the transition to a net zero economy.
Also from this week, the maximum cost of PBS prescriptions will be frozen at $31.60 for everyone, this year and next. For pensioners and concession cardholders, the freeze extends for five years, with no script costing more than $7.70. This price freeze will work together with the 60-day dispensing changes which are also making medicines cheaper for millions of Australians, particularly those on long-term medications.
The beginning of a new financial year will also ensure that the 2.6 million workers across Australia on award wages will get a well-deserved pay rise of 3.75 per cent. From the barista at your favourite coffee shop, to the retail workers at the Canberra Centre and the hardworking cleaners across our city - these are the people who keep our city running and whom the Albanese government was pleased to back a wage increase for through the Fair Work Commission.
So, while we understand that Canberrans are really feeling price pressures, the Albanese government's cost-of-living package will provide much-needed relief.
We are listening, we understand, and we are delivering assistance where we can.
Tax cuts for every Australian taxpayer. Energy bill relief. Cheaper medicines. Higher wages.
These are the measures that, from this week, will make a real difference for Canberrans' budgets.
TUESDAY 2 JULY 2024
