The 2023-4 Federal Budget has officially been handed down, and while it holds the line on fiscal discipline, there are some exciting announcements that impact Australian seniors.

‘There are many direct benefits that older Australians will receive in their wallets out of this year’s budget,’ confirmed Council on the Ageing Australia CEO Patricia Sparrow.

Without further ado, here’s a breakdown of the 2023 federal budget and how it will impact you.

Everything you need to know about the 2023-4 Federal Budget. Image Credit: Shutterstock

Cost of living

Energy bill relief

The highly anticipated $14.6bn cost-of-living package will relieve some pressure on Australians.

‘People are under the pump,’ said Treasurer Jim Chalmers.

Households receiving income support payments, including pensioners, veterans, concession card holders, and recipients of carer’s allowance, will receive hundreds of dollars in energy bill relief.

From July 2023, eligible residents in New South Wales, Queensland, South Australia and Tasmania will receive $500, including $250 each from the federal and state governments;

Meanwhile, Victorians will receive $250 from the federal government after already receiving state government assistance in March.

Those living in the Australian Capital Territory, Western Australia and the Northern Territory will receive a slightly different amount – ‘about $350 from the federal government and $175 from their own governments’. This variation has been put down to the decreased energy pricing volatility.

JobSeeker increase

There is a base increase of $40 a fortnight to all JobSeeker payments.

But the news doesn’t stop there. Australians aged 55-59 will now receive the higher JobSeeker rate previously reserved for those over 60. They will receive an additional $92.10 a fortnight (singles).

Estimates expect some 52,000 Australians will receive this boost. Are you interested in reading more? We wrote about this ‘modest JobSeeker increase’ here.

Rent assistance

The Commonwealth Rent Assistance (CRA) maximum rate is increasing by 15% (up to $31 extra a fortnight) to combat rising rental prices.

The $2.7bn measure is expected to benefit 1.1m households.

New rates will begin from 20 September 2023, pending legislation passing parliament.

Aged Care and Home Care Packages

$11.5bn is being spent on increasing pay for aged care workers by 15%. The focus on recruiting more workers to the field is expected to raise standards of care. This is the largest ever increase for this sector.

For those wishing to remain at home, the Government is committing $166.8m to provide an additional 9,500 home care packages.

The Government will also provide $487m to the Disability Support for Older Australians Program.

Medical

The budget also has some excellent healthcare news, including Medicare rebates for consults longer than 60 minutes, new urgent care clinics with no out-of-pocket fee, accelerated bulk-billing incentives for GPs and increased telehealth services. This $5b Medicare boost came as a welcome surprise on Tuesday night. The move is expected to create millions more bulk-billed GP appointments.

‘This $4.9 billion investment will see more GPs bulk-billing pensioners and healthcare card holders without charging a co-payment,’ said Council on the Ageing Australia CEO Ms Sparrow.

‘So many of my patients will be relieved at the change as for months they have been chasing a bulk billing clinic they can afford, where they can get consistent care from a doctor they have known for years.’ said Dr Tim Woodruff, President, Doctors Reform Society.

There will also be fewer trips to the pharmacy with double the medication dispensed each visit (two months’ supply instead of one) for the same price. You can read our article about this here. It will apply to some 300 medicines currently on the Pharmaceutical Benefits Scheme and is expected to save concession card holders up to $43.80 per year per eligible medicine.

We wrote about this back in April amid concerns from pharmacists that the double prescription change would result in shortages of essential medicine. You can read more here.

Now let’s break this up further and look at the ‘winners’ and ‘losers’ of the 2023-4 federal budget.

Winners:

Low-Income Renters

If you live in rental accommodation, you might be happy to hear that the maximum rate of the Commonwealth Rent Assistance (CRA) payment will be increasing by 15% from September 20. This could mean a payment boost of up to $23.60 per fortnight (an increase from $157.20 a fortnight to $180.80) for single people with no dependants who are receiving the maximum CRA and do not share their rental home with anyone else.

Veterans

The Federal Budget is also improving services and support for veterans. There will be extra resources to tackle the backlog of support claims, plus increased demand for complex casework, rehabilitation, health approvals and pharmacy services. There will also be an additional $2m spent over two years to continue the Mental Health Literacy and Suicide Intervention Training program to help ex-service personnel.

Welfare Recipients (Some, not all)

For those receiving Centrelink benefits, the base rates of some payments will be rising by $40 per fortnight from September 20. This includes Youth Allowance, JobSeeker, Partnership Parental Payment and Austudy.

Welfare recipients are also eligible for a $500 payment off their energy bills under the Electricity Relief Grant Scheme, including pensioners and seniors health card holders. The government claims more than 5 million households will have up to $500 deducted from their power bills next financial year.

Now, the budget does also contain ‘bad news’ for some Australians. Read on to find out who was left behind in the 2023-4 federal budget.

Losers:

Travellers

Travellers taking off overseas will be hit with a $10 increase in the passenger movement charge, rising from $60 to $70 per passenger from July 1, 2024.

Smokers

The Government is increasing the tobacco excise by 5% a year for the next three years to help curb smoking in Australia.

What are they using this extra money for? The higher-taxed tobacco will pay for anti-vaping campaigns over the next four years.

It’s expected that $63.4m will be allocated to advertising campaigns, while $29.5m will be set aside for support services supporting Australians to quit smoking and vaping.

So there could be less second-hand smoke floating around your local city/shopping centre soon.

Middle-Income Renters

Middle-income renters may be disappointed that there is no immediate relief for them in the budget. The Government's incentives for build-to-rent schemes won't be creating new dwellings in the rental market for a few years.

Scammers

Technically this one is a positive for Australians – but it’s certainly a bad time to be a scammer. The Government will be setting up a $58m National Anti-Scam Centre to tackle the rising number of online scams in Australia. They'll also be introducing a $10.9m SMS Sender ID Registry to combat phoney text messages and allocate $17.6m in funds to identify and take down investment scams.

Overall, this is a $86.5m investment over four years.

Key Takeaways

• The 2023 federal budget focuses on cost-of-living relief, housing, healthcare, and clean energy measures, benefiting specific sectors of society.
• Low-income renters and welfare recipients will receive increased financial support.
• Healthcare funding will expand, increasing bulk-billing incentives for doctors, aged care worker salaries, and improving services for veterans.
• The budget aims to crack down on tobacco and online scammers but offers limited immediate relief for middle-income renters.

Inflation concerns?

The most vocal concerns going into the budget came from economists predicting that the cost of living packages would be inflationary.

So, what’s the verdict?

According to Greg Jericho, The Guardian columnist and policy director at the Centre for Future Work, ‘This is in no way an expansionary budget.’

The bottom line

We’ll see an increase in rent assistance for low-income renters, energy bill relief, an increase in JobSeeker and more bulk-billed GP appointments.

There has already been some opposition to the budget, with Greens leader Adam Bandt stating the budget is ‘a betrayal of renters, jobseekers and people doing it tough’.

Opposition Leader Peter Dutton will give his budget reply speech tonight.

This marks Labor’s first budget surplus in 15 years.

Did you tune into the budget, members? Did the government meet your expectations? Do you feel like the budget is addressing YOUR needs? Or do you feel left behind? Please let us know all of your thoughts and opinions in the comments below!

 

[Luckyus]

No increase

No increase in the pension.

They always seem to forget the grey army until they want your vote.

 

[Douglas1934]

The 2023-4 Federal Budget has officially been handed down, and while it holds the line on fiscal discipline, there are some exciting announcements that impact Australian seniors.

‘There are many direct benefits that older Australians will receive in their wallets out of this year’s budget,’ confirmed Council on the Ageing Australia CEO Patricia Sparrow.

Without further ado, here’s a breakdown of the 2023 federal budget and how it will impact you.

View attachment 19453

Everything you need to know about the 2023-4 Federal Budget. Image Credit: Shutterstock

Cost of living

Energy bill relief

The highly anticipated $14.6bn cost-of-living package will relieve some pressure on Australians.

‘People are under the pump,’ said Treasurer Jim Chalmers.

Households receiving income support payments, including pensioners, veterans, concession card holders, and recipients of carer’s allowance, will receive hundreds of dollars in energy bill relief.

From July 2023, eligible residents in New South Wales, Queensland, South Australia and Tasmania will receive $500, including $250 each from the federal and state governments;

Meanwhile, Victorians will receive $250 from the federal government after already receiving state government assistance in March.

Those living in the Australian Capital Territory, Western Australia and the Northern Territory will receive a slightly different amount – ‘about $350 from the federal government and $175 from their own governments’. This variation has been put down to the decreased energy pricing volatility.

JobSeeker increase

There is a base increase of $40 a fortnight to all JobSeeker payments.

But the news doesn’t stop there. Australians aged 55-59 will now receive the higher JobSeeker rate previously reserved for those over 60. They will receive an additional $92.10 a fortnight (singles).

Estimates expect some 52,000 Australians will receive this boost. Are you interested in reading more? We wrote about this ‘modest JobSeeker increase’ here.

Rent assistance

The Commonwealth Rent Assistance (CRA) maximum rate is increasing by 15% (up to $31 extra a fortnight) to combat rising rental prices.

The $2.7bn measure is expected to benefit 1.1m households.

New rates will begin from 20 September 2023, pending legislation passing parliament.

Aged Care and Home Care Packages

$11.5bn is being spent on increasing pay for aged care workers by 15%. The focus on recruiting more workers to the field is expected to raise standards of care. This is the largest ever increase for this sector.

For those wishing to remain at home, the Government is committing $166.8m to provide an additional 9,500 home care packages.

The Government will also provide $487m to the Disability Support for Older Australians Program.

Medical

The budget also has some excellent healthcare news, including Medicare rebates for consults longer than 60 minutes, new urgent care clinics with no out-of-pocket fee, accelerated bulk-billing incentives for GPs and increased telehealth services. This $5b Medicare boost came as a welcome surprise on Tuesday night. The move is expected to create millions more bulk-billed GP appointments.

‘This $4.9 billion investment will see more GPs bulk-billing pensioners and healthcare card holders without charging a co-payment,’ said Council on the Ageing Australia CEO Ms Sparrow.

‘So many of my patients will be relieved at the change as for months they have been chasing a bulk billing clinic they can afford, where they can get consistent care from a doctor they have known for years.’ said Dr Tim Woodruff, President, Doctors Reform Society.

There will also be fewer trips to the pharmacy with double the medication dispensed each visit (two months’ supply instead of one) for the same price. You can read our article about this here. It will apply to some 300 medicines currently on the Pharmaceutical Benefits Scheme and is expected to save concession card holders up to $43.80 per year per eligible medicine.

We wrote about this back in April amid concerns from pharmacists that the double prescription change would result in shortages of essential medicine. You can read more here.

Now let’s break this up further and look at the ‘winners’ and ‘losers’ of the 2023-4 federal budget.

Winners:

Low-Income Renters

If you live in rental accommodation, you might be happy to hear that the maximum rate of the Commonwealth Rent Assistance (CRA) payment will be increasing by 15% from September 20. This could mean a payment boost of up to $23.60 per fortnight (an increase from $157.20 a fortnight to $180.80) for single people with no dependants who are receiving the maximum CRA and do not share their rental home with anyone else.

Veterans

The Federal Budget is also improving services and support for veterans. There will be extra resources to tackle the backlog of support claims, plus increased demand for complex casework, rehabilitation, health approvals and pharmacy services. There will also be an additional $2m spent over two years to continue the Mental Health Literacy and Suicide Intervention Training program to help ex-service personnel.

Welfare Recipients (Some, not all)

For those receiving Centrelink benefits, the base rates of some payments will be rising by $40 per fortnight from September 20. This includes Youth Allowance, JobSeeker, Partnership Parental Payment and Austudy.

Welfare recipients are also eligible for a $500 payment off their energy bills under the Electricity Relief Grant Scheme, including pensioners and seniors health card holders. The government claims more than 5 million households will have up to $500 deducted from their power bills next financial year.

Now, the budget does also contain ‘bad news’ for some Australians. Read on to find out who was left behind in the 2023-4 federal budget.

Losers:

Travellers

Travellers taking off overseas will be hit with a $10 increase in the passenger movement charge, rising from $60 to $70 per passenger from July 1, 2024.

Smokers

The Government is increasing the tobacco excise by 5% a year for the next three years to help curb smoking in Australia.

What are they using this extra money for? The higher-taxed tobacco will pay for anti-vaping campaigns over the next four years.

It’s expected that $63.4m will be allocated to advertising campaigns, while $29.5m will be set aside for support services supporting Australians to quit smoking and vaping.

So there could be less second-hand smoke floating around your local city/shopping centre soon.

Middle-Income Renters

Middle-income renters may be disappointed that there is no immediate relief for them in the budget. The Government's incentives for build-to-rent schemes won't be creating new dwellings in the rental market for a few years.

Scammers

Technically this one is a positive for Australians – but it’s certainly a bad time to be a scammer. The Government will be setting up a $58m National Anti-Scam Centre to tackle the rising number of online scams in Australia. They'll also be introducing a $10.9m SMS Sender ID Registry to combat phoney text messages and allocate $17.6m in funds to identify and take down investment scams.

Overall, this is a $86.5m investment over four years.

Key Takeaways

• The 2023 federal budget focuses on cost-of-living relief, housing, healthcare, and clean energy measures, benefiting specific sectors of society.
• Low-income renters and welfare recipients will receive increased financial support.
• Healthcare funding will expand, increasing bulk-billing incentives for doctors, aged care worker salaries, and improving services for veterans.
• The budget aims to crack down on tobacco and online scammers but offers limited immediate relief for middle-income renters.

Inflation concerns?

The most vocal concerns going into the budget came from economists predicting that the cost of living packages would be inflationary.

So, what’s the verdict?

According to Greg Jericho, The Guardian columnist and policy director at the Centre for Future Work, ‘This is in no way an expansionary budget.’

The bottom line

We’ll see an increase in rent assistance for low-income renters, energy bill relief, an increase in JobSeeker and more bulk-billed GP appointments.

There has already been some opposition to the budget, with Greens leader Adam Bandt stating the budget is ‘a betrayal of renters, jobseekers and people doing it tough’.

Opposition Leader Peter Dutton will give his budget reply speech tonight.

This marks Labor’s first budget surplus in 15 years.

Did you tune into the budget, members? Did the government meet your expectations? Do you feel like the budget is addressing YOUR needs? Or do you feel left behind? Please let us know all of your thoughts and opinions in the comments below!

So how much did the pension increase??????

 

[Pat T]

I disagree that low-income renters are the winners. Yes RA has been increased (and I am grateful for that) BUT I do NOT trust greedy property managers who will convince landlords to increase rents to swallow up that increase in rent assistance.

My thoughts too.

 

[sharkfin1]

The 2023-4 Federal Budget has officially been handed down, and while it holds the line on fiscal discipline, there are some exciting announcements that impact Australian seniors.

‘There are many direct benefits that older Australians will receive in their wallets out of this year’s budget,’ confirmed Council on the Ageing Australia CEO Patricia Sparrow.

Without further ado, here’s a breakdown of the 2023 federal budget and how it will impact you.

View attachment 19453

Everything you need to know about the 2023-4 Federal Budget. Image Credit: Shutterstock

Cost of living

Energy bill relief

The highly anticipated $14.6bn cost-of-living package will relieve some pressure on Australians.

‘People are under the pump,’ said Treasurer Jim Chalmers.

Households receiving income support payments, including pensioners, veterans, concession card holders, and recipients of carer’s allowance, will receive hundreds of dollars in energy bill relief.

From July 2023, eligible residents in New South Wales, Queensland, South Australia and Tasmania will receive $500, including $250 each from the federal and state governments;

Meanwhile, Victorians will receive $250 from the federal government after already receiving state government assistance in March.

Those living in the Australian Capital Territory, Western Australia and the Northern Territory will receive a slightly different amount – ‘about $350 from the federal government and $175 from their own governments’. This variation has been put down to the decreased energy pricing volatility.

JobSeeker increase

There is a base increase of $40 a fortnight to all JobSeeker payments.

But the news doesn’t stop there. Australians aged 55-59 will now receive the higher JobSeeker rate previously reserved for those over 60. They will receive an additional $92.10 a fortnight (singles).

Estimates expect some 52,000 Australians will receive this boost. Are you interested in reading more? We wrote about this ‘modest JobSeeker increase’ here.

Rent assistance

The Commonwealth Rent Assistance (CRA) maximum rate is increasing by 15% (up to $31 extra a fortnight) to combat rising rental prices.

The $2.7bn measure is expected to benefit 1.1m households.

New rates will begin from 20 September 2023, pending legislation passing parliament.

Aged Care and Home Care Packages

$11.5bn is being spent on increasing pay for aged care workers by 15%. The focus on recruiting more workers to the field is expected to raise standards of care. This is the largest ever increase for this sector.

For those wishing to remain at home, the Government is committing $166.8m to provide an additional 9,500 home care packages.

The Government will also provide $487m to the Disability Support for Older Australians Program.

Medical

The budget also has some excellent healthcare news, including Medicare rebates for consults longer than 60 minutes, new urgent care clinics with no out-of-pocket fee, accelerated bulk-billing incentives for GPs and increased telehealth services. This $5b Medicare boost came as a welcome surprise on Tuesday night. The move is expected to create millions more bulk-billed GP appointments.

‘This $4.9 billion investment will see more GPs bulk-billing pensioners and healthcare card holders without charging a co-payment,’ said Council on the Ageing Australia CEO Ms Sparrow.

‘So many of my patients will be relieved at the change as for months they have been chasing a bulk billing clinic they can afford, where they can get consistent care from a doctor they have known for years.’ said Dr Tim Woodruff, President, Doctors Reform Society.

There will also be fewer trips to the pharmacy with double the medication dispensed each visit (two months’ supply instead of one) for the same price. You can read our article about this here. It will apply to some 300 medicines currently on the Pharmaceutical Benefits Scheme and is expected to save concession card holders up to $43.80 per year per eligible medicine.

We wrote about this back in April amid concerns from pharmacists that the double prescription change would result in shortages of essential medicine. You can read more here.

Now let’s break this up further and look at the ‘winners’ and ‘losers’ of the 2023-4 federal budget.

Winners:

Low-Income Renters

If you live in rental accommodation, you might be happy to hear that the maximum rate of the Commonwealth Rent Assistance (CRA) payment will be increasing by 15% from September 20. This could mean a payment boost of up to $23.60 per fortnight (an increase from $157.20 a fortnight to $180.80) for single people with no dependants who are receiving the maximum CRA and do not share their rental home with anyone else.

Veterans

The Federal Budget is also improving services and support for veterans. There will be extra resources to tackle the backlog of support claims, plus increased demand for complex casework, rehabilitation, health approvals and pharmacy services. There will also be an additional $2m spent over two years to continue the Mental Health Literacy and Suicide Intervention Training program to help ex-service personnel.

Welfare Recipients (Some, not all)

For those receiving Centrelink benefits, the base rates of some payments will be rising by $40 per fortnight from September 20. This includes Youth Allowance, JobSeeker, Partnership Parental Payment and Austudy.

Welfare recipients are also eligible for a $500 payment off their energy bills under the Electricity Relief Grant Scheme, including pensioners and seniors health card holders. The government claims more than 5 million households will have up to $500 deducted from their power bills next financial year.

Now, the budget does also contain ‘bad news’ for some Australians. Read on to find out who was left behind in the 2023-4 federal budget.

Losers:

Travellers

Travellers taking off overseas will be hit with a $10 increase in the passenger movement charge, rising from $60 to $70 per passenger from July 1, 2024.

Smokers

The Government is increasing the tobacco excise by 5% a year for the next three years to help curb smoking in Australia.

What are they using this extra money for? The higher-taxed tobacco will pay for anti-vaping campaigns over the next four years.

It’s expected that $63.4m will be allocated to advertising campaigns, while $29.5m will be set aside for support services supporting Australians to quit smoking and vaping.

So there could be less second-hand smoke floating around your local city/shopping centre soon.

Middle-Income Renters

Middle-income renters may be disappointed that there is no immediate relief for them in the budget. The Government's incentives for build-to-rent schemes won't be creating new dwellings in the rental market for a few years.

Scammers

Technically this one is a positive for Australians – but it’s certainly a bad time to be a scammer. The Government will be setting up a $58m National Anti-Scam Centre to tackle the rising number of online scams in Australia. They'll also be introducing a $10.9m SMS Sender ID Registry to combat phoney text messages and allocate $17.6m in funds to identify and take down investment scams.

Overall, this is a $86.5m investment over four years.

Key Takeaways

• The 2023 federal budget focuses on cost-of-living relief, housing, healthcare, and clean energy measures, benefiting specific sectors of society.
• Low-income renters and welfare recipients will receive increased financial support.
• Healthcare funding will expand, increasing bulk-billing incentives for doctors, aged care worker salaries, and improving services for veterans.
• The budget aims to crack down on tobacco and online scammers but offers limited immediate relief for middle-income renters.

Inflation concerns?

The most vocal concerns going into the budget came from economists predicting that the cost of living packages would be inflationary.

So, what’s the verdict?

According to Greg Jericho, The Guardian columnist and policy director at the Centre for Future Work, ‘This is in no way an expansionary budget.’

The bottom line

We’ll see an increase in rent assistance for low-income renters, energy bill relief, an increase in JobSeeker and more bulk-billed GP appointments.

There has already been some opposition to the budget, with Greens leader Adam Bandt stating the budget is ‘a betrayal of renters, jobseekers and people doing it tough’.

Opposition Leader Peter Dutton will give his budget reply speech tonight.

This marks Labor’s first budget surplus in 15 years.

Did you tune into the budget, members? Did the government meet your expectations? Do you feel like the budget is addressing YOUR needs? Or do you feel left behind? Please let us know all of your thoughts and opinions in the comments below!

The 2023-4 Federal Budget has officially been handed down, and while it holds the line on fiscal discipline, there are some exciting announcements that impact Australian seniors.

‘There are many direct benefits that older Australians will receive in their wallets out of this year’s budget,’ confirmed Council on the Ageing Australia CEO Patricia Sparrow.

Without further ado, here’s a breakdown of the 2023 federal budget and how it will impact you.

View attachment 19453

Everything you need to know about the 2023-4 Federal Budget. Image Credit: Shutterstock

Cost of living

Energy bill relief

The highly anticipated $14.6bn cost-of-living package will relieve some pressure on Australians.

‘People are under the pump,’ said Treasurer Jim Chalmers.

Households receiving income support payments, including pensioners, veterans, concession card holders, and recipients of carer’s allowance, will receive hundreds of dollars in energy bill relief.

From July 2023, eligible residents in New South Wales, Queensland, South Australia and Tasmania will receive $500, including $250 each from the federal and state governments;

Meanwhile, Victorians will receive $250 from the federal government after already receiving state government assistance in March.

Those living in the Australian Capital Territory, Western Australia and the Northern Territory will receive a slightly different amount – ‘about $350 from the federal government and $175 from their own governments’. This variation has been put down to the decreased energy pricing volatility.

JobSeeker increase

There is a base increase of $40 a fortnight to all JobSeeker payments.

But the news doesn’t stop there. Australians aged 55-59 will now receive the higher JobSeeker rate previously reserved for those over 60. They will receive an additional $92.10 a fortnight (singles).

Estimates expect some 52,000 Australians will receive this boost. Are you interested in reading more? We wrote about this ‘modest JobSeeker increase’ here.

Rent assistance

The Commonwealth Rent Assistance (CRA) maximum rate is increasing by 15% (up to $31 extra a fortnight) to combat rising rental prices.

The $2.7bn measure is expected to benefit 1.1m households.

New rates will begin from 20 September 2023, pending legislation passing parliament.

Aged Care and Home Care Packages

$11.5bn is being spent on increasing pay for aged care workers by 15%. The focus on recruiting more workers to the field is expected to raise standards of care. This is the largest ever increase for this sector.

For those wishing to remain at home, the Government is committing $166.8m to provide an additional 9,500 home care packages.

The Government will also provide $487m to the Disability Support for Older Australians Program.

Medical

The budget also has some excellent healthcare news, including Medicare rebates for consults longer than 60 minutes, new urgent care clinics with no out-of-pocket fee, accelerated bulk-billing incentives for GPs and increased telehealth services. This $5b Medicare boost came as a welcome surprise on Tuesday night. The move is expected to create millions more bulk-billed GP appointments.

‘This $4.9 billion investment will see more GPs bulk-billing pensioners and healthcare card holders without charging a co-payment,’ said Council on the Ageing Australia CEO Ms Sparrow.

‘So many of my patients will be relieved at the change as for months they have been chasing a bulk billing clinic they can afford, where they can get consistent care from a doctor they have known for years.’ said Dr Tim Woodruff, President, Doctors Reform Society.

There will also be fewer trips to the pharmacy with double the medication dispensed each visit (two months’ supply instead of one) for the same price. You can read our article about this here. It will apply to some 300 medicines currently on the Pharmaceutical Benefits Scheme and is expected to save concession card holders up to $43.80 per year per eligible medicine.

We wrote about this back in April amid concerns from pharmacists that the double prescription change would result in shortages of essential medicine. You can read more here.

Now let’s break this up further and look at the ‘winners’ and ‘losers’ of the 2023-4 federal budget.

Winners:

Low-Income Renters

If you live in rental accommodation, you might be happy to hear that the maximum rate of the Commonwealth Rent Assistance (CRA) payment will be increasing by 15% from September 20. This could mean a payment boost of up to $23.60 per fortnight (an increase from $157.20 a fortnight to $180.80) for single people with no dependants who are receiving the maximum CRA and do not share their rental home with anyone else.

Veterans

The Federal Budget is also improving services and support for veterans. There will be extra resources to tackle the backlog of support claims, plus increased demand for complex casework, rehabilitation, health approvals and pharmacy services. There will also be an additional $2m spent over two years to continue the Mental Health Literacy and Suicide Intervention Training program to help ex-service personnel.

Welfare Recipients (Some, not all)

For those receiving Centrelink benefits, the base rates of some payments will be rising by $40 per fortnight from September 20. This includes Youth Allowance, JobSeeker, Partnership Parental Payment and Austudy.

Welfare recipients are also eligible for a $500 payment off their energy bills under the Electricity Relief Grant Scheme, including pensioners and seniors health card holders. The government claims more than 5 million households will have up to $500 deducted from their power bills next financial year.

Now, the budget does also contain ‘bad news’ for some Australians. Read on to find out who was left behind in the 2023-4 federal budget.

Losers:

Travellers

Travellers taking off overseas will be hit with a $10 increase in the passenger movement charge, rising from $60 to $70 per passenger from July 1, 2024.

Smokers

The Government is increasing the tobacco excise by 5% a year for the next three years to help curb smoking in Australia.

What are they using this extra money for? The higher-taxed tobacco will pay for anti-vaping campaigns over the next four years.

It’s expected that $63.4m will be allocated to advertising campaigns, while $29.5m will be set aside for support services supporting Australians to quit smoking and vaping.

So there could be less second-hand smoke floating around your local city/shopping centre soon.

Middle-Income Renters

Middle-income renters may be disappointed that there is no immediate relief for them in the budget. The Government's incentives for build-to-rent schemes won't be creating new dwellings in the rental market for a few years.

Scammers

Technically this one is a positive for Australians – but it’s certainly a bad time to be a scammer. The Government will be setting up a $58m National Anti-Scam Centre to tackle the rising number of online scams in Australia. They'll also be introducing a $10.9m SMS Sender ID Registry to combat phoney text messages and allocate $17.6m in funds to identify and take down investment scams.

Overall, this is a $86.5m investment over four years.

Key Takeaways

• The 2023 federal budget focuses on cost-of-living relief, housing, healthcare, and clean energy measures, benefiting specific sectors of society.
• Low-income renters and welfare recipients will receive increased financial support.
• Healthcare funding will expand, increasing bulk-billing incentives for doctors, aged care worker salaries, and improving services for veterans.
• The budget aims to crack down on tobacco and online scammers but offers limited immediate relief for middle-income renters.

Inflation concerns?

The most vocal concerns going into the budget came from economists predicting that the cost of living packages would be inflationary.

So, what’s the verdict?

According to Greg Jericho, The Guardian columnist and policy director at the Centre for Future Work, ‘This is in no way an expansionary budget.’

The bottom line

We’ll see an increase in rent assistance for low-income renters, energy bill relief, an increase in JobSeeker and more bulk-billed GP appointments.

There has already been some opposition to the budget, with Greens leader Adam Bandt stating the budget is ‘a betrayal of renters, jobseekers and people doing it tough’.

Opposition Leader Peter Dutton will give his budget reply speech tonight.

This marks Labor’s first budget surplus in 15 years.

Did you tune into the budget, members? Did the government meet your expectations? Do you feel like the budget is addressing YOUR needs? Or do you feel left behind? Please let us know all of your thoughts and opinions in the comments below

STOP spending so much money overseas and get Australia up and running propley open up all the factories again and take our farmland back and raise cattle and food again NOT cotton for China we use to be a fully functioning country and we supported everyone including this bloody Government

 

[Greatgwr]

Much Better than I anticipated, thank God it wasn't a conservative Government budget we would be told that we should have all died before turning 65 (as Joe Hockey told us in 2014) as Pensioners are to much of a strain on the "liberal purse" sorry public purse. I feel for renters, we are so lucky that we own our house even though we worked our tits off to do it we have no money but we can live off the pension and jobseeker.

 

[Trudi]

These increases are supposed to raise the pension to meet the cost of living. The reality is that this never happens because the cost of living is higher at each increase and continues to rise all the time. So pensioners fall behind and the government doesn't give a flying......

"The Age Pension rates will potentially change on 20 September 2023. Increases are likely but not certain because the Australian Bureau of Statistics evaluates these increases based on changes in the Consumer Price Index (CPI), Male Total Average Weekly Earnings, and the Pensioner and Beneficiary Living Cost Index."

Age Pension rates (March 2023 to September 2023)

Discover the latest Age Pension rates for residents, non-residents, and recipients of the transitional Age Pension.

www.superguide.com.au

In other words, pensions are increased to meet cost of living increases (CPI) or wage increases (Male average weeklyu earnings) - whichever is the highest, TWICE each year!

 

[rehandra]

The 2023-4 Federal Budget has officially been handed down, and while it holds the line on fiscal discipline, there are some exciting announcements that impact Australian seniors.

‘There are many direct benefits that older Australians will receive in their wallets out of this year’s budget,’ confirmed Council on the Ageing Australia CEO Patricia Sparrow.

Without further ado, here’s a breakdown of the 2023 federal budget and how it will impact you.

View attachment 19453

Everything you need to know about the 2023-4 Federal Budget. Image Credit: Shutterstock

Cost of living

Energy bill relief

The highly anticipated $14.6bn cost-of-living package will relieve some pressure on Australians.

‘People are under the pump,’ said Treasurer Jim Chalmers.

Households receiving income support payments, including pensioners, veterans, concession card holders, and recipients of carer’s allowance, will receive hundreds of dollars in energy bill relief.

From July 2023, eligible residents in New South Wales, Queensland, South Australia and Tasmania will receive $500, including $250 each from the federal and state governments;

Meanwhile, Victorians will receive $250 from the federal government after already receiving state government assistance in March.

Those living in the Australian Capital Territory, Western Australia and the Northern Territory will receive a slightly different amount – ‘about $350 from the federal government and $175 from their own governments’. This variation has been put down to the decreased energy pricing volatility.

JobSeeker increase

There is a base increase of $40 a fortnight to all JobSeeker payments.

But the news doesn’t stop there. Australians aged 55-59 will now receive the higher JobSeeker rate previously reserved for those over 60. They will receive an additional $92.10 a fortnight (singles).

Estimates expect some 52,000 Australians will receive this boost. Are you interested in reading more? We wrote about this ‘modest JobSeeker increase’ here.

Rent assistance

The Commonwealth Rent Assistance (CRA) maximum rate is increasing by 15% (up to $31 extra a fortnight) to combat rising rental prices.

The $2.7bn measure is expected to benefit 1.1m households.

New rates will begin from 20 September 2023, pending legislation passing parliament.

Aged Care and Home Care Packages

$11.5bn is being spent on increasing pay for aged care workers by 15%. The focus on recruiting more workers to the field is expected to raise standards of care. This is the largest ever increase for this sector.

For those wishing to remain at home, the Government is committing $166.8m to provide an additional 9,500 home care packages.

The Government will also provide $487m to the Disability Support for Older Australians Program.

Medical

The budget also has some excellent healthcare news, including Medicare rebates for consults longer than 60 minutes, new urgent care clinics with no out-of-pocket fee, accelerated bulk-billing incentives for GPs and increased telehealth services. This $5b Medicare boost came as a welcome surprise on Tuesday night. The move is expected to create millions more bulk-billed GP appointments.

‘This $4.9 billion investment will see more GPs bulk-billing pensioners and healthcare card holders without charging a co-payment,’ said Council on the Ageing Australia CEO Ms Sparrow.

‘So many of my patients will be relieved at the change as for months they have been chasing a bulk billing clinic they can afford, where they can get consistent care from a doctor they have known for years.’ said Dr Tim Woodruff, President, Doctors Reform Society.

There will also be fewer trips to the pharmacy with double the medication dispensed each visit (two months’ supply instead of one) for the same price. You can read our article about this here. It will apply to some 300 medicines currently on the Pharmaceutical Benefits Scheme and is expected to save concession card holders up to $43.80 per year per eligible medicine.

We wrote about this back in April amid concerns from pharmacists that the double prescription change would result in shortages of essential medicine. You can read more here.

Now let’s break this up further and look at the ‘winners’ and ‘losers’ of the 2023-4 federal budget.

Winners:

Low-Income Renters

If you live in rental accommodation, you might be happy to hear that the maximum rate of the Commonwealth Rent Assistance (CRA) payment will be increasing by 15% from September 20. This could mean a payment boost of up to $23.60 per fortnight (an increase from $157.20 a fortnight to $180.80) for single people with no dependants who are receiving the maximum CRA and do not share their rental home with anyone else.

Veterans

The Federal Budget is also improving services and support for veterans. There will be extra resources to tackle the backlog of support claims, plus increased demand for complex casework, rehabilitation, health approvals and pharmacy services. There will also be an additional $2m spent over two years to continue the Mental Health Literacy and Suicide Intervention Training program to help ex-service personnel.

Welfare Recipients (Some, not all)

For those receiving Centrelink benefits, the base rates of some payments will be rising by $40 per fortnight from September 20. This includes Youth Allowance, JobSeeker, Partnership Parental Payment and Austudy.

Welfare recipients are also eligible for a $500 payment off their energy bills under the Electricity Relief Grant Scheme, including pensioners and seniors health card holders. The government claims more than 5 million households will have up to $500 deducted from their power bills next financial year.

Now, the budget does also contain ‘bad news’ for some Australians. Read on to find out who was left behind in the 2023-4 federal budget.

Losers:

Travellers

Travellers taking off overseas will be hit with a $10 increase in the passenger movement charge, rising from $60 to $70 per passenger from July 1, 2024.

Smokers

The Government is increasing the tobacco excise by 5% a year for the next three years to help curb smoking in Australia.

What are they using this extra money for? The higher-taxed tobacco will pay for anti-vaping campaigns over the next four years.

It’s expected that $63.4m will be allocated to advertising campaigns, while $29.5m will be set aside for support services supporting Australians to quit smoking and vaping.

So there could be less second-hand smoke floating around your local city/shopping centre soon.

Middle-Income Renters

Middle-income renters may be disappointed that there is no immediate relief for them in the budget. The Government's incentives for build-to-rent schemes won't be creating new dwellings in the rental market for a few years.

Scammers

Technically this one is a positive for Australians – but it’s certainly a bad time to be a scammer. The Government will be setting up a $58m National Anti-Scam Centre to tackle the rising number of online scams in Australia. They'll also be introducing a $10.9m SMS Sender ID Registry to combat phoney text messages and allocate $17.6m in funds to identify and take down investment scams.

Overall, this is a $86.5m investment over four years.

Key Takeaways

• The 2023 federal budget focuses on cost-of-living relief, housing, healthcare, and clean energy measures, benefiting specific sectors of society.
• Low-income renters and welfare recipients will receive increased financial support.
• Healthcare funding will expand, increasing bulk-billing incentives for doctors, aged care worker salaries, and improving services for veterans.
• The budget aims to crack down on tobacco and online scammers but offers limited immediate relief for middle-income renters.

Inflation concerns?

The most vocal concerns going into the budget came from economists predicting that the cost of living packages would be inflationary.

So, what’s the verdict?

According to Greg Jericho, The Guardian columnist and policy director at the Centre for Future Work, ‘This is in no way an expansionary budget.’

The bottom line

We’ll see an increase in rent assistance for low-income renters, energy bill relief, an increase in JobSeeker and more bulk-billed GP appointments.

There has already been some opposition to the budget, with Greens leader Adam Bandt stating the budget is ‘a betrayal of renters, jobseekers and people doing it tough’.

Opposition Leader Peter Dutton will give his budget reply speech tonight.

This marks Labor’s first budget surplus in 15 years.

Did you tune into the budget, members? Did the government meet your expectations? Do you feel like the budget is addressing YOUR needs? Or do you feel left behind? Please let us know all of your thoughts and opinions in the comments below!

not impressed.

 

[Maddison Dwyer]

Incredible feedback, members. I really appreciate each and everyone sharing your opinions. I'd love to know what you all think the solution is? It's funny, because the team were discussing it yesterday, a lot of the media is reporting that this was 'a budget for the over 55s'... And although what they have proposed is certainly helpful, I don't really see how they budget was 'for the over 55s'? I think it will be interesting to see the budget feedback today from the opposition...

 

[Apollo]

GP appointments more than 60 minutes?? I think that should be 6 minutes!

 

[67for12]

My wife and i live in an aged care facility. Every increase we get from the Government is all but swallowed up by an increase in the daily cost of living yet other people who are capable of working should just swallow their pride, forget about their previoud employement and go out and ask one of the many job vacancies where small business is closing down because they can't get staff to work so they can pay their bills. Yet we still get nothing. The Gov will say but you have discounts on this discounts on that, Seriously Mr. Super Budget man, we have worked all of our lives paid our taxes and then we get thrown on the scrap heap. It is great to see staff in the aged care sector getting a pay increase of 15% but wen does it start from????????

 

[Mr Chips]

I think the budget was reasonably fair for us older lot but I think that maybe a rental freeze on privately financed rental properties would have made us aged pensioners a lot more comfortable. I live in a small but comfortable granny flat with my dog and am very happy there. I have been on the housing list as a priority rating for the last 3 years but there are no premises available so I had to find my own. My landlord is a bit on the shifty side and at the end of my last lease, he forced me into a position where my rent increased from $295.00 per week including electricity up to $340.00 per week plus power. That was way above CPI but it was legal but unconscionable. I am pretty scared of what he will do at Christmas this year.

 

[julieaireys]

The 2023-4 Federal Budget has officially been handed down, and while it holds the line on fiscal discipline, there are some exciting announcements that impact Australian seniors.

‘There are many direct benefits that older Australians will receive in their wallets out of this year’s budget,’ confirmed Council on the Ageing Australia CEO Patricia Sparrow.

Without further ado, here’s a breakdown of the 2023 federal budget and how it will impact you.

View attachment 19453

Everything you need to know about the 2023-4 Federal Budget. Image Credit: Shutterstock

Cost of living

Energy bill relief

The highly anticipated $14.6bn cost-of-living package will relieve some pressure on Australians.

‘People are under the pump,’ said Treasurer Jim Chalmers.

Households receiving income support payments, including pensioners, veterans, concession card holders, and recipients of carer’s allowance, will receive hundreds of dollars in energy bill relief.

From July 2023, eligible residents in New South Wales, Queensland, South Australia and Tasmania will receive $500, including $250 each from the federal and state governments;

Meanwhile, Victorians will receive $250 from the federal government after already receiving state government assistance in March.

Those living in the Australian Capital Territory, Western Australia and the Northern Territory will receive a slightly different amount – ‘about $350 from the federal government and $175 from their own governments’. This variation has been put down to the decreased energy pricing volatility.

JobSeeker increase

There is a base increase of $40 a fortnight to all JobSeeker payments.

But the news doesn’t stop there. Australians aged 55-59 will now receive the higher JobSeeker rate previously reserved for those over 60. They will receive an additional $92.10 a fortnight (singles).

Estimates expect some 52,000 Australians will receive this boost. Are you interested in reading more? We wrote about this ‘modest JobSeeker increase’ here.

Rent assistance

The Commonwealth Rent Assistance (CRA) maximum rate is increasing by 15% (up to $31 extra a fortnight) to combat rising rental prices.

The $2.7bn measure is expected to benefit 1.1m households.

New rates will begin from 20 September 2023, pending legislation passing parliament.

Aged Care and Home Care Packages

$11.5bn is being spent on increasing pay for aged care workers by 15%. The focus on recruiting more workers to the field is expected to raise standards of care. This is the largest ever increase for this sector.

For those wishing to remain at home, the Government is committing $166.8m to provide an additional 9,500 home care packages.

The Government will also provide $487m to the Disability Support for Older Australians Program.

Medical

The budget also has some excellent healthcare news, including Medicare rebates for consults longer than 60 minutes, new urgent care clinics with no out-of-pocket fee, accelerated bulk-billing incentives for GPs and increased telehealth services. This $5b Medicare boost came as a welcome surprise on Tuesday night. The move is expected to create millions more bulk-billed GP appointments.

‘This $4.9 billion investment will see more GPs bulk-billing pensioners and healthcare card holders without charging a co-payment,’ said Council on the Ageing Australia CEO Ms Sparrow.

‘So many of my patients will be relieved at the change as for months they have been chasing a bulk billing clinic they can afford, where they can get consistent care from a doctor they have known for years.’ said Dr Tim Woodruff, President, Doctors Reform Society.

There will also be fewer trips to the pharmacy with double the medication dispensed each visit (two months’ supply instead of one) for the same price. You can read our article about this here. It will apply to some 300 medicines currently on the Pharmaceutical Benefits Scheme and is expected to save concession card holders up to $43.80 per year per eligible medicine.

We wrote about this back in April amid concerns from pharmacists that the double prescription change would result in shortages of essential medicine. You can read more here.

Now let’s break this up further and look at the ‘winners’ and ‘losers’ of the 2023-4 federal budget.

Winners:

Low-Income Renters

If you live in rental accommodation, you might be happy to hear that the maximum rate of the Commonwealth Rent Assistance (CRA) payment will be increasing by 15% from September 20. This could mean a payment boost of up to $23.60 per fortnight (an increase from $157.20 a fortnight to $180.80) for single people with no dependants who are receiving the maximum CRA and do not share their rental home with anyone else.

Veterans

The Federal Budget is also improving services and support for veterans. There will be extra resources to tackle the backlog of support claims, plus increased demand for complex casework, rehabilitation, health approvals and pharmacy services. There will also be an additional $2m spent over two years to continue the Mental Health Literacy and Suicide Intervention Training program to help ex-service personnel.

Welfare Recipients (Some, not all)

For those receiving Centrelink benefits, the base rates of some payments will be rising by $40 per fortnight from September 20. This includes Youth Allowance, JobSeeker, Partnership Parental Payment and Austudy.

Welfare recipients are also eligible for a $500 payment off their energy bills under the Electricity Relief Grant Scheme, including pensioners and seniors health card holders. The government claims more than 5 million households will have up to $500 deducted from their power bills next financial year.

Now, the budget does also contain ‘bad news’ for some Australians. Read on to find out who was left behind in the 2023-4 federal budget.

Losers:

Travellers

Travellers taking off overseas will be hit with a $10 increase in the passenger movement charge, rising from $60 to $70 per passenger from July 1, 2024.

Smokers

The Government is increasing the tobacco excise by 5% a year for the next three years to help curb smoking in Australia.

What are they using this extra money for? The higher-taxed tobacco will pay for anti-vaping campaigns over the next four years.

It’s expected that $63.4m will be allocated to advertising campaigns, while $29.5m will be set aside for support services supporting Australians to quit smoking and vaping.

So there could be less second-hand smoke floating around your local city/shopping centre soon.

Middle-Income Renters

Middle-income renters may be disappointed that there is no immediate relief for them in the budget. The Government's incentives for build-to-rent schemes won't be creating new dwellings in the rental market for a few years.

Scammers

Technically this one is a positive for Australians – but it’s certainly a bad time to be a scammer. The Government will be setting up a $58m National Anti-Scam Centre to tackle the rising number of online scams in Australia. They'll also be introducing a $10.9m SMS Sender ID Registry to combat phoney text messages and allocate $17.6m in funds to identify and take down investment scams.

Overall, this is a $86.5m investment over four years.

Key Takeaways

• The 2023 federal budget focuses on cost-of-living relief, housing, healthcare, and clean energy measures, benefiting specific sectors of society.
• Low-income renters and welfare recipients will receive increased financial support.
• Healthcare funding will expand, increasing bulk-billing incentives for doctors, aged care worker salaries, and improving services for veterans.
• The budget aims to crack down on tobacco and online scammers but offers limited immediate relief for middle-income renters.

Inflation concerns?

The most vocal concerns going into the budget came from economists predicting that the cost of living packages would be inflationary.

So, what’s the verdict?

According to Greg Jericho, The Guardian columnist and policy director at the Centre for Future Work, ‘This is in no way an expansionary budget.’

The bottom line

We’ll see an increase in rent assistance for low-income renters, energy bill relief, an increase in JobSeeker and more bulk-billed GP appointments.

There has already been some opposition to the budget, with Greens leader Adam Bandt stating the budget is ‘a betrayal of renters, jobseekers and people doing it tough’.

Opposition Leader Peter Dutton will give his budget reply speech tonight.

This marks Labor’s first budget surplus in 15 years.

Did you tune into the budget, members? Did the government meet your expectations? Do you feel like the budget is addressing YOUR needs? Or do you feel left behind? Please let us know all of your thoughts and opinions in the comments below!

GREAT BUDGET. While we know you can’t please everybody … and other political parties will do their absolute darnedest to pic holes in it … I believe this budget addresses the needs of the poorest and most vulnerable and disadvantaged in our community. As an aged pensioner living in a rural area, I am very happy with all aspects of this budget. Well done. I don’t think I will be able to bring myself to watch Peter Dutton’s reply tonight

 

[Tiny 56]

No ... CPI adjustments are made 20 March and 20 September each year. There has been no increase in the actual base rate paid, just CPI adjustments to keep up with inflation rates.

They are already saying we will get $40 on 1st September but how come it does not change with the cost of living it has been stated that much since it came in but we get no increase even though cost of living has skyrocketed lately it will still only be $40 when it comes in. I am grateful for all we get but, it should be reasonable.

 

[Ezzy]

Time pensioners received the CPI increase every 3 months, as mentioned on this forum before. At the current rate l believe we should receive double the CPI increase in an effort to catch up. Pollies of course will not need to worry about living after retirement with the large amount of Super they will get. I am one of those people who didn't have Super & the employer also did not need to contribute.

Another budget where a Government says, "help the greedy & forget the needy". Most of those pensioners helped build this country & saw war service, didn't they? But don't worry, 'she'll be right". RIGHT????

Most 'investors' that l know don't have a problem with paying the mortgage on their investment property or properties. Rent is normally enough to pay the mortgage & other utilities with some left over & all while one or both of the parties work. One such person we know built 2 new homes, one for his son & the other as an investment rental. He also bought a home from the bank as a mortgage that went wrong, while also buying a unit off the plan & still working full time. I don't go along with the argument that investors need money from those properties for food, fuel & everyday needs. Many of those 'investors' use money from their properties to take long holidays overseas in places most pensioners only dream of going to.

 

[Rain72]

totally agree- there were no handouts- rent relief, homeowner start ups. I was 37 before I could get enough for a deposit for a home loan and it was 17%. We never had centre link if unemployed or between jobs. Women didn't generally have super and were often expected if they worked to resign to raise kids and then reenter work. Employers compulsory super has not always been there when we needed when first starting to work. We bought 2nd h/d cars (and as kids paid full fare on public transport at 13 years of age, had sheets at our windows instead of curtains, 2nd h/d furniture, didn't have tvs in every room, a/c and heating and so on. We did do it tough.

But we have always missed out on the support schemes.
I don't begrudge those being supported, but when do we all get supported.

You don't get supported if you battled to support yourself. Governments look after the wealthy, bludgers, the useless, and to a limited extent the genuinely sick or disabled. Those who struggle to be as independent as possible are enemies of governments that seek to control all of us.

 

[Rain72]

Time pensioners received the CPI increase every 3 months, as mentioned on this forum before. At the current rate l believe we should receive double the CPI increase in an effort to catch up. Pollies of course will not need to worry about living after retirement with the large amount of Super they will get. I am one of those people who didn't have Super & the employer also did not need to contribute.

Another budget where a Government says, "help the greedy & forget the needy". Most of those pensioners helped build this country & saw war service, didn't they? But don't worry, 'she'll be right". RIGHT????

Most 'investors' that l know don't have a problem with paying the mortgage on their investment property or properties. Rent is normally enough to pay the mortgage & other utilities with some left over & all while one or both of the parties work. One such person we know built 2 new homes, one for his son & the other as an investment rental. He also bought a home from the bank as a mortgage that went wrong, while also buying a unit off the plan & still working full time. I don't go along with the argument that investors need money from those properties for food, fuel & everyday needs. Many of those 'investors' use money from their properties to take long holidays overseas in places most pensioners only dream of going to.

So investors are supposed to run a charity? Sorry, I get that it's tough for renters, but investors invest for profit. What they do with that profit is their business. If they don't make enough profit, they will sell their properties and invest elsewhere and then there will be fewer properties for rent and rents will rise. It's supply and demand. When there are more people wanting to rent than there are properties for rent, rents rise. The only way to reduce rent is to make property investing MORE profitable so more investment properties are built. The worst thing a government can do is make things tougher for investors (which Qld government has done, resulting in lots of investors selling out, which pushed rents up).

 

[Abentham]

The 2023-4 Federal Budget has officially been handed down, and while it holds the line on fiscal discipline, there are some exciting announcements that impact Australian seniors.

‘There are many direct benefits that older Australians will receive in their wallets out of this year’s budget,’ confirmed Council on the Ageing Australia CEO Patricia Sparrow.

Without further ado, here’s a breakdown of the 2023 federal budget and how it will impact you.

View attachment 19453

Everything you need to know about the 2023-4 Federal Budget. Image Credit: Shutterstock

Cost of living

Energy bill relief

The highly anticipated $14.6bn cost-of-living package will relieve some pressure on Australians.

‘People are under the pump,’ said Treasurer Jim Chalmers.

Households receiving income support payments, including pensioners, veterans, concession card holders, and recipients of carer’s allowance, will receive hundreds of dollars in energy bill relief.

From July 2023, eligible residents in New South Wales, Queensland, South Australia and Tasmania will receive $500, including $250 each from the federal and state governments;

Meanwhile, Victorians will receive $250 from the federal government after already receiving state government assistance in March.

Those living in the Australian Capital Territory, Western Australia and the Northern Territory will receive a slightly different amount – ‘about $350 from the federal government and $175 from their own governments’. This variation has been put down to the decreased energy pricing volatility.

JobSeeker increase

There is a base increase of $40 a fortnight to all JobSeeker payments.

But the news doesn’t stop there. Australians aged 55-59 will now receive the higher JobSeeker rate previously reserved for those over 60. They will receive an additional $92.10 a fortnight (singles).

Estimates expect some 52,000 Australians will receive this boost. Are you interested in reading more? We wrote about this ‘modest JobSeeker increase’ here.

Rent assistance

The Commonwealth Rent Assistance (CRA) maximum rate is increasing by 15% (up to $31 extra a fortnight) to combat rising rental prices.

The $2.7bn measure is expected to benefit 1.1m households.

New rates will begin from 20 September 2023, pending legislation passing parliament.

Aged Care and Home Care Packages

$11.5bn is being spent on increasing pay for aged care workers by 15%. The focus on recruiting more workers to the field is expected to raise standards of care. This is the largest ever increase for this sector.

For those wishing to remain at home, the Government is committing $166.8m to provide an additional 9,500 home care packages.

The Government will also provide $487m to the Disability Support for Older Australians Program.

Medical

The budget also has some excellent healthcare news, including Medicare rebates for consults longer than 60 minutes, new urgent care clinics with no out-of-pocket fee, accelerated bulk-billing incentives for GPs and increased telehealth services. This $5b Medicare boost came as a welcome surprise on Tuesday night. The move is expected to create millions more bulk-billed GP appointments.

‘This $4.9 billion investment will see more GPs bulk-billing pensioners and healthcare card holders without charging a co-payment,’ said Council on the Ageing Australia CEO Ms Sparrow.

‘So many of my patients will be relieved at the change as for months they have been chasing a bulk billing clinic they can afford, where they can get consistent care from a doctor they have known for years.’ said Dr Tim Woodruff, President, Doctors Reform Society.

There will also be fewer trips to the pharmacy with double the medication dispensed each visit (two months’ supply instead of one) for the same price. You can read our article about this here. It will apply to some 300 medicines currently on the Pharmaceutical Benefits Scheme and is expected to save concession card holders up to $43.80 per year per eligible medicine.

We wrote about this back in April amid concerns from pharmacists that the double prescription change would result in shortages of essential medicine. You can read more here.

Now let’s break this up further and look at the ‘winners’ and ‘losers’ of the 2023-4 federal budget.

Winners:

Low-Income Renters

If you live in rental accommodation, you might be happy to hear that the maximum rate of the Commonwealth Rent Assistance (CRA) payment will be increasing by 15% from September 20. This could mean a payment boost of up to $23.60 per fortnight (an increase from $157.20 a fortnight to $180.80) for single people with no dependants who are receiving the maximum CRA and do not share their rental home with anyone else.

Veterans

The Federal Budget is also improving services and support for veterans. There will be extra resources to tackle the backlog of support claims, plus increased demand for complex casework, rehabilitation, health approvals and pharmacy services. There will also be an additional $2m spent over two years to continue the Mental Health Literacy and Suicide Intervention Training program to help ex-service personnel.

Welfare Recipients (Some, not all)

For those receiving Centrelink benefits, the base rates of some payments will be rising by $40 per fortnight from September 20. This includes Youth Allowance, JobSeeker, Partnership Parental Payment and Austudy.

Welfare recipients are also eligible for a $500 payment off their energy bills under the Electricity Relief Grant Scheme, including pensioners and seniors health card holders. The government claims more than 5 million households will have up to $500 deducted from their power bills next financial year.

Now, the budget does also contain ‘bad news’ for some Australians. Read on to find out who was left behind in the 2023-4 federal budget.

Losers:

Travellers

Travellers taking off overseas will be hit with a $10 increase in the passenger movement charge, rising from $60 to $70 per passenger from July 1, 2024.

Smokers

The Government is increasing the tobacco excise by 5% a year for the next three years to help curb smoking in Australia.

What are they using this extra money for? The higher-taxed tobacco will pay for anti-vaping campaigns over the next four years.

It’s expected that $63.4m will be allocated to advertising campaigns, while $29.5m will be set aside for support services supporting Australians to quit smoking and vaping.

So there could be less second-hand smoke floating around your local city/shopping centre soon.

Middle-Income Renters

Middle-income renters may be disappointed that there is no immediate relief for them in the budget. The Government's incentives for build-to-rent schemes won't be creating new dwellings in the rental market for a few years.

Scammers

Technically this one is a positive for Australians – but it’s certainly a bad time to be a scammer. The Government will be setting up a $58m National Anti-Scam Centre to tackle the rising number of online scams in Australia. They'll also be introducing a $10.9m SMS Sender ID Registry to combat phoney text messages and allocate $17.6m in funds to identify and take down investment scams.

Overall, this is a $86.5m investment over four years.

Key Takeaways

• The 2023 federal budget focuses on cost-of-living relief, housing, healthcare, and clean energy measures, benefiting specific sectors of society.
• Low-income renters and welfare recipients will receive increased financial support.
• Healthcare funding will expand, increasing bulk-billing incentives for doctors, aged care worker salaries, and improving services for veterans.
• The budget aims to crack down on tobacco and online scammers but offers limited immediate relief for middle-income renters.

Inflation concerns?

The most vocal concerns going into the budget came from economists predicting that the cost of living packages would be inflationary.

So, what’s the verdict?

According to Greg Jericho, The Guardian columnist and policy director at the Centre for Future Work, ‘This is in no way an expansionary budget.’

The bottom line

We’ll see an increase in rent assistance for low-income renters, energy bill relief, an increase in JobSeeker and more bulk-billed GP appointments.

There has already been some opposition to the budget, with Greens leader Adam Bandt stating the budget is ‘a betrayal of renters, jobseekers and people doing it tough’.

Opposition Leader Peter Dutton will give his budget reply speech tonight.

This marks Labor’s first budget surplus in 15 years.

Did you tune into the budget, members? Did the government meet your expectations? Do you feel like the budget is addressing YOUR needs? Or do you feel left behind? Please let us know all of your thoughts and opinions in the comments below!

I see nothing in this budget for me. I installed solar many years ago when it was very expensive. Probably just got to the point where it has paid for itself. Because of this I only get very small electricity bills so I doubt I will get any of that money. However my pension has risen approx 8% over the last couple of years while my grocery and fuel bills have increased approx 60-70%.

 

[Abentham]

The reason for this is that pensions are increased on 1 March and 1 September each year.

The increases so far don't come close to cover the the cost of living increases.

 

[Ezzy]

Didn't see many benefits in the Budget for us to get excited about.

 

[Ezzy]

So investors are supposed to run a charity? Sorry, I get that it's tough for renters, but investors invest for profit. What they do with that profit is their business. If they don't make enough profit, they will sell their properties and invest elsewhere and then there will be fewer properties for rent and rents will rise. It's supply and demand. When there are more people wanting to rent than there are properties for rent, rents rise. The only way to reduce rent is to make property investing MORE profitable so more investment properties are built. The worst thing a government can do is make things tougher for investors (which Qld government has done, resulting in lots of investors selling out, which pushed rents up).

Nobody expects an investor to be 'a charity' & was never intended, however, raising rents when their is a shortage of rentals would appear to be a very avaricious attitude to adopt. This amounts to no more than making money from people's hardships, wouldn't you agree? My knowledge of an investment, as told by an investor, is that these are kept for a reasonable profit & when that property becomes dated & no more reasonable profit can be availed then this is sold & another is purchased.

With a good Taxation Consultant a rental attracts quite a few deductions as maintenance & additions such as A/C to name a few. I knew a group of property investors who used a friend who had a Registered Business to do repairs & who submitted 2 Invoices for every job. One was a 'Mates Rates Invoice' which was paid on & the other invoice was for a larger amount for Taxation purposes. The mate, who kept his income low put in the higher invoice costs on his tax return & normally paid little or no tax. I wonder how many investors do this or pay cash in hand for an inflated Invoice from a Handyman or Tradesman?