Cost of living relief

With the cost of groceries, energy bills and fuel increasing dramatically over the past year, more than 40 per cent of Aussie households have struggled to afford household basics in the last three months, and over half of Australians say they will struggle to pay an essential bill over the next three months.

3 July 2024

 

AUSTRALIA'S monthly inflation rate increased to its highest level in 2024 in the latest indication that the Reserve Bank won't be cutting interest rates soon and might yet hike again. Consumer prices rose 4% last month from a year earlier, the Australian Bureau of Statistics said on Wednesday.

 

Expert commentators point to high inflation combined with stagnating wages and insecure work as reasons that many Australians are struggling to pay for essential needs like food, housing and utilities.

 

Is the end in sight?

 

Unfortunately not. Prices are rising even faster for poorer households. This is because the costs of essentials like food were soaring at high rates, and low-income families typically spend a greater proportion of their income on these items.

 

How do you fight cost of living crisis?

 

Create a budget and stick to it. This is one of the most effective ways to combat the rising cost of living and will help you keep track of your expenses and ensure you are not overspending. Make sure to include all your expenses, including housing, food, health, transportation and entertainment.

 

The Federal Government is also providing vital cost of living relief for everyone on the Central Coast from 1 July to help with cost-of-living support.

 

The Government has committed to:

 

• A tax cut for every Australian taxpayer;

 

• $300 energy bill relief for every Australian household and $325 for small businesses;

 

• A freeze on the cost of PBS medicines for every Australian;

 

• More funding to build more homes in every part of the country.

 

This comes on top of a third consecutive pay rise for 2.6 million workers, backed by this Government.

 

It builds on cost of living measures the Government has already delivered, such as cheaper child care, fee-free TAFE and the biggest investment ever in expanding bulk-billing.

 

Federal Member for Robertson, Dr Gordon Reid said, "We know that people on the Central Coast are under pressure right now.

 

"That’s why the Federal Labor Government is delivering this cost-of-living help now, while delivering on our responsible economic plan to fight inflation and invest in future growth.

 

"I know there’s still more to do and I’ll keep working every day to deliver for the people of the Central Coast."