Starting in September, Australians will receive additional cost-of-living support as the Albanese Government introduces new measures to address financial pressures. Minister for Social Services, Amanda Rishworth, outlined initiatives designed to assist households, particularly those facing challenges with rent, healthcare expenses, and fixed incomes.
“We recognise that people are under the pump and we’re doing something about it,” said Rishworth, emphasising the government’s commitment to supporting those most affected by rising living costs. She highlighted that while previous measures have already provided some relief, more assistance is on the horizon.
Starting this month, the government will increase the maximum rates of Commonwealth Rent Assistance by an additional 10 per cent, benefiting nearly one million households. This move comes after a 15 per cent increase last year, which Rishworth acknowledges has helped, but has not been enough to fully counteract soaring rent prices.
In addition to rent assistance, the government is extending the higher rate of JobSeeker to single recipients who have an assessed partial capacity to work less than 15 hours per week. This extension will result in an extra $54.90 per fortnight for those eligible, providing much-needed support to some of the most vulnerable individuals in the workforce.
The rollout of the 60-day dispensing program for medicines is also nearing completion, with nearly 300 medicines now available under this scheme. This initiative is expected to reduce the financial burden on those requiring regular medication, ensuring more Australians have access to the treatment they need without the worry of excessive costs.
Payments for those on JobSeeker, age pension, disability support pension, carer payment, parenting payment, and Commonwealth Rent Assistance will also be indexed from September. This adjustment will help keep payments in line with inflation, offering some respite as the government works to combat the rising cost of living.
Amanda Rishworth reiterated the government’s focus on responsible economic management while providing relief. “We’re doing our bit in the Budget to fight inflation and ease pressure on Australians, including through cost-of-living relief and our responsible economic management,” she stated. Treasury estimates indicate that the energy bill relief and the additional increase to Commonwealth Rent Assistance are expected to directly reduce inflation by half of a percentage point in 2024–25. Crucially, these measures are not anticipated to contribute to broader inflationary pressures.
Despite inflation still being higher than desirable, Rishworth pointed out that it has significantly decreased from the 6.1 per cent peak inherited from the previous government. “Inflation is still higher than we’d like, but it’s less than half its peak and much lower than the 6.1 per cent we inherited from the Coalition,” she remarked, highlighting the progress made under the current administration.
The press release also outlined other measures rolling out now and in the future, including tax cuts for every taxpayer, energy rebates for households and small businesses, a freeze on the maximum price of Pharmaceutical Benefits Scheme co-payments, and a five-year freeze on these costs for pensioners and concession card holders.
In addition to these, the government is tackling supermarket prices by commissioning an ACCC inquiry into pricing and competition in the sector. There’s also a $138 million boost in funding for emergency and food relief services, $1.1 billion to pay superannuation on government-funded Paid Parental Leave, and the waiving of $3 billion in student debt for over three million Australians to make student loans fairer.
Rishworth concluded by underscoring the government’s dual focus on easing the cost of living while responsibly managing the economy. “We know there’s more to do in the fight against inflation and people are doing it tough, and that’s why we’re rolling out responsible cost-of-living relief while turning big Liberal deficits into Labor surpluses.”
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