Treasurer Jim Chalmers has revealed that next week’s budget will feature a relief package for Australians doing it most tough, but did not detail who fits into that category.
Reserve Bank hiked the cash rate by 25 basis points to 3.85 per centThe increase adds an extra $78 a month to mortgage repayments for those with a $500,000 loan, $117 for a $750,000 mortgage and $156 for a $1 million loan.Mr Chalmers said the Labor government will seek to prioritise those that are “most vulnerable”, without going into detail on who fits that category.“There will be a cost-of-living package in the budget and it will prioritise the most vulnerable Australians.
The government was earlier forced to defend its forthcoming decision to only increase JobSeeker for those aged 55 and over, leaving out more than 680,000 younger Australians.The more than 200,000 welfare recipients aged 55 and over will receive a boost to the $50 a day rate of Jobseeker when the federal budget is delivered.
“We understand that particularly people on payments [are] doing it tough and that’s why the energy bill relief is directed towards people on pensions and payments.
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