{"id":2923,"date":"2024-03-02T21:33:56","date_gmt":"2024-03-02T21:33:56","guid":{"rendered":"https:\/\/www.cardhacks.com.au\/?p=2923"},"modified":"2024-03-12T23:17:47","modified_gmt":"2024-03-12T23:17:47","slug":"labors-measures-to-address-cost-of-living","status":"publish","type":"post","link":"https:\/\/www.cardhacks.com.au\/2024\/03\/02\/labors-measures-to-address-cost-of-living\/","title":{"rendered":"Labor&#8217;s Measures to Address Cost of Living"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:32\">The\u00a0<strong>Albanese Labor Government<\/strong>\u00a0has taken significant steps to alleviate the\u00a0<strong>cost of living<\/strong>\u00a0for Australians. Here are some of the measures they have implemented:<\/p>\n<p data-sourcepos=\"3:1-3:32\"><strong>Direct Financial Assistance:<\/strong><\/p>\n<ul data-sourcepos=\"5:1-6:0\">\n<li data-sourcepos=\"5:1-6:0\"><strong>Increased income support payments:<\/strong> The base rate of several working-age and student income support payments, including the\u00a0<strong>JobSeeker Payment<\/strong>\u00a0and\u00a0<strong>Youth Allowance<\/strong>, has been increased by\u00a0<strong>$40 per fortnight<\/strong>\u00a0for eligible recipients. Additionally, eligibility for the higher rate of the JobSeeker Payment has been extended to single Australians aged\u00a0<strong>55 to 59 years<\/strong>, matching the criteria for those over 60.<\/li>\n<\/ul>\n<p data-sourcepos=\"7:1-7:15\"><strong>Healthcare:<\/strong><\/p>\n<ul data-sourcepos=\"9:1-12:0\">\n<li data-sourcepos=\"9:1-9:131\"><strong>Reduced medication costs:<\/strong> Implemented reforms expected to save consumers $250 million in medication costs over the past year.\u00a0 \u00a0<\/li>\n<li data-sourcepos=\"10:1-10:119\"><strong>60-day dispensing:<\/strong> Allowed for longer prescriptions (60 days) to potentially reduce dispensing fees for patients. To reduce the cost of medicines, the government is allowing some patients to receive\u00a0<strong>2 months\u2019 worth of their medicines per visit to the pharmacy<\/strong>, resulting in\u00a0<strong>savings of $1.6 billion<\/strong>\u00a0in out-of-pocket costs over 4 years for at least\u00a0<strong>six million Australians<\/strong>.<\/li>\n<li data-sourcepos=\"9:1-9:131\"><strong>Bulk Billing:<\/strong> The government is investing <strong>$3.5 billion<\/strong>\u00a0to\u00a0<strong>triple the bulk billing incentive<\/strong>\u00a0for common GP consultations for children under 16 and Commonwealth concession card holders. This move ensures that\u00a0<strong>11.6 million eligible Australians<\/strong>\u00a0can access a GP without any out-of-pocket costs, making it easier and more affordable to see a doctor.<\/li>\n<\/ul>\n<p data-sourcepos=\"13:1-13:11\"><strong>Energy:<\/strong><\/p>\n<ul data-sourcepos=\"15:1-16:0\">\n<li data-sourcepos=\"15:1-16:0\"><strong>Energy Bill Relief Plan:<\/strong>\u00a0Partnered with states and territories to provide up to $3 billion in electricity bill relief for over 5 million households and 1 million small businesses, resulting in lower electricity and gas price increases in 2023-24 compared to earlier forecasts.<\/li>\n<\/ul>\n<p data-sourcepos=\"17:1-17:30\"><strong>Early Childhood Education:<\/strong><\/p>\n<ul data-sourcepos=\"19:1-20:0\">\n<li data-sourcepos=\"19:1-20:0\"><strong>Increased investment in childcare:<\/strong>\u00a0Aims to increase affordability and accessibility of childcare through increased funding, potentially benefitting families by reducing childcare costs.<\/li>\n<\/ul>\n<p data-sourcepos=\"21:1-21:25\"><strong>Rental Affordability:<\/strong><\/p>\n<ul data-sourcepos=\"23:1-24:0\">\n<li data-sourcepos=\"23:1-24:0\"><strong>National Housing Accord:<\/strong>\u00a0While not directly addressing immediate cost concerns, this initiative aims to increase housing supply in the long run, potentially leading to improved rental affordability in the future.<\/li>\n<\/ul>\n<p data-sourcepos=\"25:1-25:15\"><strong>Tax Relief:<\/strong><\/p>\n<ul data-sourcepos=\"27:1-28:0\">\n<li data-sourcepos=\"27:1-28:0\"><strong>Tax cuts:<\/strong> <strong>The<\/strong> <strong>Albanese Labor Government<\/strong>\u00a0has made decisions regarding\u00a0<strong>income tax cuts<\/strong>. They plan to retain the\u00a0<strong>37% tax rate<\/strong>\u00a0for high-income earners, unwinding the most controversial element of the Morrison government\u2019s stage-three tax cuts. This move redirects savings to low- and middle-income earners, ensuring that everyone earning between the tax-free threshold of $18,200 and $45,000 will receive a tax cut.\u00a0While this decision has sparked political debate, it allows Labor to argue that it is providing more generous cuts to about 80% of Australians.<\/li>\n<\/ul>\n<p data-sourcepos=\"29:1-29:16\"><strong>Wage Growth:<\/strong><\/p>\n<ul data-sourcepos=\"31:1-32:0\">\n<li data-sourcepos=\"31:1-32:0\"><strong>Indirectly supporting wage growth:<\/strong>\u00a0While the government doesn&#8217;t directly set wages, their broader economic policies, such as\u00a0<strong>increased investment in skills and training<\/strong>\u00a0and\u00a0<strong>supporting economic growth<\/strong>, aim to create conditions that could lead to higher wages over time. Additionally, the\u00a0<strong>Fair Work Commission raised the minimum wage by 5.2% in July 2023<\/strong>, directly impacting the lowest-paid workers.<\/li>\n<\/ul>\n<p data-sourcepos=\"33:1-33:22\"><strong>Other Initiatives:<\/strong><\/p>\n<ul data-sourcepos=\"35:1-38:0\">\n<li data-sourcepos=\"35:1-35:123\"><strong>Fuel excise cut extension:<\/strong>\u00a0Agreed to a temporary extension of the fuel excise cut, providing some relief at the pump.<\/li>\n<li data-sourcepos=\"36:1-36:157\"><strong>Free TAFE courses:<\/strong>\u00a0Introduced free TAFE courses in priority areas, potentially leading to upskilling and potentially higher wages for some individuals.<\/li>\n<li data-sourcepos=\"37:1-38:0\"><strong>Concessional loans for pensioners:<\/strong>\u00a0Increased the maximum concessional loan amount available to eligible pensioners, aiming to help them manage unexpected expenses.<\/li>\n<\/ul>\n\n\n<p><sub>Featured image from&nbsp;by -Chupacabras- at&nbsp;<a href=\"https:\/\/flickr.com\/photos\/25222005@N08\/2755112918\">https:\/\/flickr.com\/photos\/25222005@N08\/2755112918<\/a><\/sub><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Albanese Labor Government\u00a0has taken significant steps to alleviate the\u00a0cost of living\u00a0for Australians. Here are some of the measures they have implemented: Direct Financial Assistance: Increased income support payments: The base rate of several working-age and student income support payments, including the\u00a0JobSeeker Payment\u00a0and\u00a0Youth Allowance, has been increased by\u00a0$40 per fortnight\u00a0for eligible recipients. Additionally, eligibility for the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2923","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","9":"post-with-thumbnail","10":"post-with-thumbnail-large"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Labor&#039;s Measures to Address Cost of Living - Card Hacks<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cardhacks.com.au\/2024\/03\/02\/labors-measures-to-address-cost-of-living\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Labor&#039;s Measures to Address Cost of Living - Card Hacks\" \/>\n<meta property=\"og:description\" content=\"The\u00a0Albanese Labor Government\u00a0has taken significant steps to alleviate the\u00a0cost of living\u00a0for Australians. Here are some of the measures they have implemented: Direct Financial Assistance: Increased income support payments: The base rate of several working-age and student income support payments, including the\u00a0JobSeeker Payment\u00a0and\u00a0Youth Allowance, has been increased by\u00a0$40 per fortnight\u00a0for eligible recipients. 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