Here is your quick guide to the measures in this year’s budget that will affect you most.
Add articles to your saved list and come back to them any time.Treasury is warning global economic growth will drop to its weakest level in more than two decades, due largely to higher interest rates. This will hit Australia, as realthis year to 1.5 per cent in 2023-24 before recovering to 2.25 per cent the following year.
Over the same period, wages growth is expected to rise from 3.75 per cent to 4 per cent, before stabilising at about 3.5 per cent. It is expected to outstrip inflation from 2023-24 for the first time in many years.The scourge of inflation is finally set to ease as high interest rates curtail spending.
Nearly $5 billion will be spent over five years increasing the rate of JobSeeker – for people of all ages – and Youth Allowance by $40 a fortnight from September. A higher rate of JobSeeker, currently available for people aged over 60, will also be made available for over-55s, who find it more difficult to break into the job market.
Going to the pharmacist will be made cheaper by allowing people to buy two months’ worth of medicine for the price of a one-month prescription. The government says this will save consumers $1.6 billion and free up GP appointments. The government will reinvest $1.2 billion into pharmacies as part of the deal, allowing them to administer vaccines free of charge and doubling incentives for regional pharmacies.
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