Australian Politics Forum

Cost-of-living relief could be coming for more Australians in 2024 :)

The Age
December 22, 2023

Millions of working Australians are in line for more cost-of-living relief after Prime Minister Anthony Albanese admitted households were still doing it tough. :)

In his clearest message yet that the government will use the new year to deal with the financial pressures faced by many, Albanese said relief for low and middle-income earners was under active consideration.

Anthony Albanese says the government will consider further cost-of-living relief in the new year.

“We’ll continue to look at what we can do for cost-of-living relief going into the new year,” he said on ABC TV’s 7.30 on Thursday night.

“It’s something that we examined in the lead-up to MYEFO and the lead-up to the budget in 2024; we’ll be giving proper consideration for how we assist, particularly low and middle-income earners who we understand are under pressure.”

The spending power of Australian households has gone backwards due to the combined pressures of high inflation, high interest rates and growing income tax payments.

Higher interest rates, tax payments drive real incomes to record lows
Wages have risen, which has increased how much tax workers pay. But that wage growth has not kept pace with inflation, meaning real household disposable incomes have gone backwards by 5.6 per cent, a rate never seen before, according to Commonwealth Bank analysis.

The increase in income tax payments, which was buoyed by a surge in people in work as well as the end of the low and middle-income tax offset, helped deliver the first budget surplus in 15 years and has put a second surplus for 2023-24 within the government’s reach.

The government has revised its forecast income tax take for this financial year, and now expects to collect $328.8 billion from working Australians in 2023-24.

From July 1 next year, all workers earning over $45,000 will get to keep more of their income when the stage 3 tax cuts come into effect. However, higher earners will get the lion’s share of the roughly $20 billion a year that is being put back into worker’s pockets.

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Those on a median income of about $60,000 would get $375 back each year, or $14.42 a fortnight, while those earning $140,000 would get to keep an additional $3275 a year or nearly $126 a fortnight, according to Anglicare Australia analysis.

While the federal government decided not to extend the low and middle-income tax offset, which ended in 2021-22, the low-income tax offset remains in place for workers earning up to $66,667. That tax offset, of up to $700 depending on an eligible worker’s income, was first introduced 30 years ago.

Independent economist Chris Richardson said it was very difficult economically to help with cost-of-living pressures without making the problem worse. Giving people more money through tax cuts would lift spending, which would add to inflation and could mean interest rates stayed high for longer.

But he said if the government did want to take action, increasing JobSeeker and rent assistance would help those struggling the most, while temporarily increasing the low-income tax offset was another option.

“It may be the sort of thing the government is looking at. Maybe they’re looking at other things,” he said, noting the next federal election was drawing nearer.

“The politics of doing something are strong and getting stronger; the economics have always been the challenging part.”

The RBA will be lined up and shot... company gouging will be banned.... mandatory tax will be required of companies that pay shareholders ... business tax rules will be expanded to include deductions for all equally while curtailing some that currently apply unequally - all are in the business of earning money .... a new national bank will be created to control the gougers in banks ... privatisation will be banned for any future ventures and will be rolled back .... there will be a fly-past of pigs at midday on Australia Day ...

... not that kind, Igor ....

wow sounds promising

There must be an election coming up

time flies when you're not having fun

They say this all the time, every year. ::)

...been saying the same every year since the 80's hit.

albo is going to take money out of your left pocket and put it back in your right pocket and pretend he has helped you.

just how stupid are you, white knight

albo doesnt have any money

its your money just churning thru the system

Is this Labor promise similar to the $250 cut to all power bills?

https://www.abc.net.au/news/2023-05-10/australia-budget-2023-energy-relief-eligiblity-power-bills-state/102325406

I was ineligible for any help. :(

Who is eligible for energy relief?

Generally speaking, it's for people on Centrelink payments and small businesses.

People will be eligible for energy bill relief through this measure if they:

have a Pensioner Concession Card, (including those issued by the Department of Veterans' Affairs) (DVA)
have a Health Care Card (including Low Income Health Care Card)
have a DVA Gold Card
have a Commonwealth Seniors Health Card (including those issued by DVA)
get Family Tax Benefit (FTB) Part A or B
get Carer Allowance.

Quote:

under active consideration

freediver wrote on Dec 23^rd, 2023 at 1:12pm:

Quote:

under active consideration

Quote:

Anthony Albanese says the government will consider further cost-of-living relief in the new year.

Bobby. wrote on Dec 23^rd, 2023 at 1:18pm:

freediver wrote on Dec 23^rd, 2023 at 1:12pm:

Quote:

under active consideration

[quote]Anthony Albanese says the government will consider further cost-of-living relief in the new year.

;D[/quote]

;D ;D

Will that be after he's finished preparing his overseas travel schedule for next year?

Carl D wrote on Dec 23^rd, 2023 at 1:22pm:

Bobby. wrote on Dec 23^rd, 2023 at 1:18pm:

freediver wrote on Dec 23^rd, 2023 at 1:12pm:

Quote:

under active consideration

[quote]Anthony Albanese says the government will consider further cost-of-living relief in the new year.

;D ;D

Will that be after he's finished preparing his overseas travel schedule for next year?
[/quote]

Or drinking his $500 bottles of wine?

https://www.ozpolitic.com/forum/YaBB.pl?num=1702721437/0#0

Albo says - let them eat cake:

https://www.dailymail.co.uk/news/article-12861775/Anthony-Albanese-government-called-cost-living-soars.html

Aussies unleash at Anthony Albanese about their nightmare before Christmas:
The dire words the Prime Minister won't want to hear

The comments coincide with research released on Friday, which found that 14 million Australians will significantly downsize their Christmas,
with 5.3 million of those not able to afford a Christmas meal.

Australian mother has complained about rising household costs
Others agreed 'everyone is in the same boat'
Research shows millions of Australians are struggling
Albanese government revealed no new support in budget update
READ MORE: Alan Kohler on real reasons for housing crises

By Brett Lackey For Daily Mail Australia

Published: 07:55 AEDT, 15 December 2023 | Updated: 13:27 AEDT, 15 December 2023

An Australian mother has spoken out about how her family is struggling with the soaring cost of living despite the Reserve Bank boss insisting households and businesses are in 'pretty good shape'.

The comments coincide with research released on Friday, which found that 14 million Australians will significantly downsize their Christmas, with 5.3million of those not able to afford a Christmas meal.

The poll conducted by PureProfile on behalf of The Salvation Army interviewed 2,005 people and found about one in 10 Australians will rely on charitable support over the festive season.

The research also found 57.7 per cent will spend less on food at Christmas, 47.4 per cent will purchase fewer presents, and 41.9 per cent will refuse invitations to social events.

'In this lucky country, too many are going without food, medication and utilities. Many more don't even have housing,' Salvation Army's Major Brendan Nottle said.

'Behind every statistic here is a real person – many desperately struggling to get by and making painful decisions on what to go without... Never have we seen a time where the gap between the rich and poor has been so great.'

Bobby, that is saying 20% of the country cannot afford to eat on Christmas day. Does that sound plausible to you?

freediver wrote on Dec 23^rd, 2023 at 2:21pm:

Bobby, that is saying 20% of the country cannot afford to eat on Christmas day. Does that sound plausible to you?

No - I believe it refers to having something special for Xmas dinner not
what was served up to residents of a nursing home a few years back -
Do you remember that?

Bobby. wrote on Dec 23^rd, 2023 at 3:03pm:

freediver wrote on Dec 23^rd, 2023 at 2:21pm:

Bobby, that is saying 20% of the country cannot afford to eat on Christmas day. Does that sound plausible to you?

No - I believe it refers to having something special for Xmas dinner not
what was served up to residents of a nursing home a few years back -
Do you remember that?

You have no idea what it really means, do you Bobby?

freediver wrote on Dec 23^rd, 2023 at 4:19pm:

Bobby. wrote on Dec 23^rd, 2023 at 3:03pm:

freediver wrote on Dec 23^rd, 2023 at 2:21pm:

Bobby, that is saying 20% of the country cannot afford to eat on Christmas day. Does that sound plausible to you?

No - I believe it refers to having something special for Xmas dinner not
what was served up to residents of a nursing home a few years back -
Do you remember that?

You have no idea what it really means, do you Bobby?

Without sounding like an apologist for imprecise journalism?
The exact words are -

By Brett Lackey For Daily Mail Australia

Quote:

with 5.3 million of those not able to afford a Christmas meal.

Is this a Xmas meal?

Carl D wrote on Dec 23^rd, 2023 at 1:22pm:

Bobby. wrote on Dec 23^rd, 2023 at 1:18pm:

freediver wrote on Dec 23^rd, 2023 at 1:12pm:

Quote:

under active consideration

[quote]Anthony Albanese says the government will consider further cost-of-living relief in the new year.

;D ;D

Will that be after he's finished preparing his overseas travel schedule for next year?
[/quote]

He's travelled less than Abbott and scummo in their first year, and he's been mending fences.

John Smith wrote on Dec 23^rd, 2023 at 4:42pm:

Carl D wrote on Dec 23^rd, 2023 at 1:22pm:

Bobby. wrote on Dec 23^rd, 2023 at 1:18pm:

freediver wrote on Dec 23^rd, 2023 at 1:12pm:

Quote:

under active consideration

[quote]Anthony Albanese says the government will consider further cost-of-living relief in the new year.

;D ;D

Will that be after he's finished preparing his overseas travel schedule for next year?

He's travelled less than Abbott and scummo in their first year, and he's been mending fences. [/quote]

Albo enjoys $500 bottles of wine. ::)

https://www.ozpolitic.com/forum/YaBB.pl?num=1702721437/0#0

I have a bridge in Sydney for sale, and I can get you a good deal on the economy as well as sound reasons other than AlboCorp as to why the voice failed and why privatisation and immigration are making us all rich .... all fully guaranteed ... Santa Claus signed the verification in drop bear blood in front of witnesses from the fairy elf bureau and the Middle East Peace Committee.......

Australian Politics Forum
http://www.ozpolitic.com/forum/YaBB.pl General Discussion >> Federal Politics >> Cost Of Living Relief Could Be Coming In 2024 http://www.ozpolitic.com/forum/YaBB.pl?num=1703291585 Message started by whiteknight on Dec 23^rd, 2023 at 10:33am