The cost of living continues to be a contentious topic across the nation.

However, good news is on the horizon as the Australian government unveiled massive updates on the latest federal budget.

This multi-billion dollar relief package could ease the financial burden on Australians and stimulate the economy.

Here are some of the key points of the budget to help seniors understand how they can benefit from the new measures.

Healthcare: A boost for bulk-billing and cheaper medicines

Healthcare is a critical concern for many, especially for seniors who rely on regular GP visits.

The government announced an $8.5 billion boost for Medicare and aimed to deliver 18 million extra bulk-billed GP visits each year.

These relief plans from the federal government may help Australians navigate the cost of living crisis. Image Credit: Freepik/K Studio

This expansion of bulk billing should save Australians a combined $859 million a year by 2030.

Starting 1 January 2026, the cost of the majority of medicines on the Pharmaceutical Benefits Scheme (PBS) could be reduced from $31.60 to $25.

This measure could save Australians $200 million a year.

Both policies have bipartisan support, ensuring its implementation regardless of the election outcome.

Energy bill relief: Keeping the lights on for less

With electricity bills set to rise by up to nine per cent starting July, the government has pledged further relief.

The government promised to reduce household bills thanks to a $150 relief from their power bill.

This initiative was on top of last year's $3.5 billion energy bill relief package.

The government aimed to alleviate the strain on family budgets by putting downward pressure on inflation.

The extension of energy bill rebates could cost taxpayers $1.8 billion over the forward estimates.

Support for Australian-made goods amidst global tariff tensions

In response to the global economic uncertainty and the impact of United States-imposed tariffs on Australian exports, the government signalled its support for local industries.

Prime Minister Albanese indicated that the budget would include additional support for the 'Buy Australian' campaign, as well as a 'spiced-up Made in Australia' plan that could bolster local manufacturers and counteract the potential influx of cheap international products.

Budget deficit and economic outlook

After two consecutive years of surpluses, the budget is set to return to a deficit in 2025.

The deficit is forecasted to be around $26.9 billion—a figure close to the one projected in December's Mid-year Economic and Fiscal Outlook (MYEFO).

The government has been taking a cautious approach to revenue and expenditure, with the Treasury not expecting significant changes from the MYEFO projections.

Education: A significant discount on student debt

The federal budget could bring welcome relief to the roughly three million Australians grappling with student debt.

Outstanding balances will be reduced by 20 per cent on 1 June, representing a $16 billion reduction in student debt.

This one-off discount could provide financial reprieve for former students.

This change in student debt was part of the government's election promises.

Childcare: Subsidies for families

Another election promise set to be fulfilled was the provision of three days a week of subsidised childcare for families.

This promise could apply to households with a combined income of less than $530,000 a year.

The activity test will be scrapped, making it easier for low-income parents to access affordable childcare.

This policy, recommended by the Productivity Commission, could cost $427 million over five years and is slated to begin on 1 January 2026.

Here are other changes that the federal budget may bring:

Source: 9news.com.au​

As Aussies go through the changes in the federal budget, it's crucial to stay informed about how these changes could impact seniors' lives.

Some of these measures could mean more money in seniors' pockets, while others mean greater access to essential services.

Key Takeaways

• The Federal Budget is set to deliver cost-of-living relief with measures like a bulk-billing boost and cheaper PBS medicines.
• Substantial energy bill relief is also part of the plan, with an extension of rebates and promises to counteract rising electricity costs.
• Support for Australian-made products will be strengthened in response to international tariff challenges.
• The budget will return to deficit but includes significant investments such as a student debt discount and subsidised childcare, among others.

What are your thoughts on the latest budget announcements? Can these measures provide the necessary relief for your household? Share your opinions and experiences in the comments below. Let's continue the conversation about government services and welfare in these challenging times.

 

[darrellh]

Even the politicians on tv last night said they should not be getting the electricity rebate. There should be a cut off but imagine the work for poor old Labor trying to work out who should hsve it and who shouldn't. It is far easier to just roll it out across the board. What a disgrace. They could at least start with no politicians getting it across Australia, state and federal. That would be a saving to taxpayers to start with. There should be a way the wealthy, CEOs etc can refund it thenvwe would be getting somewhere

 

[HelenB55]

The way Albanese splashes around MILLIONS here & BILLIONS there, yet pensioners only get $3.50 a fortnight?

What an insult to the elderly who have worked hard all their life & paid their taxes, to make Australia what it is today.

Labor need to be flushed down the toilet!!

They definitely won’t be getting my vote

 

[wattorjw]

Labor are the biggest spending government since commo Whitlam in the 1970s spending our money like drunken sailors all this is with YOUR money trying to act like good guys the power prices are going up 9% and they give you $150 relief when power prices have gone up over 20% since the too government they are only trying yo buy votes because of the upcoming election they are hopeless money managers please get rid of this useless incompetent government we are one of the worlds richest mineral resorce countries yet we virtually give our gas away our country is going backwards anyone who cant see that has tunnel vision

 

[Singomate]

I'm not sure how childcare subsidies will help the economy. I know a lot of families receiving this when the mother is a stay at home mum and their child/ children are in childcare two / three days a week.

It's about time tge government did more for student debt.

My kids who are teachers had a debt of around $25,000
My son inlaws one an electrical engineer the other a mechanical engineer their debt is over $100,000

We have a huge nurse shortage yet their uni fees are around $20,000. Maybe they should be looking at cutting nurses and teachers fees dramatically.

Doesn't look like their us much in it for pensioners

My Daughter is a Nurse R N but can't be paid as one because she finished a month to late to obtain a placement, bureaucratic nonsense, yes another stuff up by previous government. The girl finished with honors, and is working as an AIN which is less pay than person working on a supermarket checkout,hohum.

 

[canterbury49nsl]

Vote grabbing exercise. More debt to the bottom line and yesterday the Australian public were blamed for the ballooning debt!

Exactly, nothing more than bribes $75 a quarter for electricity, bloody joke.

 

[canterbury49nsl]

Labor are the biggest spending government since commo Whitlam in the 1970s spending our money like drunken sailors all this is with YOUR money trying to act like good guys the power prices are going up 9% and they give you $150 relief when power prices have gone up over 20% since the too government they are only trying yo buy votes because of the upcoming election they are hopeless money managers please get rid of this useless incompetent government we are one of the worlds richest mineral resorce countries yet we virtually give our gas away our country is going backwards anyone who cant see that has tunnel vision

Spot on, good old Labor ethos, have no money will spend!!

 

[Val Ngarotata]

There is nothing in this Budget for a pensioner. Again. I still can't understand why the rich get the electricity allowance and it's half of what we got this year even though the cost of power is increasing. Childcare subsidy for people earning less than $530k a year? Why would a family earning $529k a year need help???? It's like the Govetnment have forgotten that we pensioners paid taxes all of our lives so that we could have a decent, respectful retirement. No, they look at it like we're on the dole and don't deserve any form of increase to make our lives a little easier. I'm interested to see what the Coalition come up with, but not holding my breath. Prnsioners are now the forgotten generation.

Yes they totally ignore the fact that this generation of pensioners have all worked and paid taxes for their working life and often struggled to save a nest egg as self employed mostly did not have super . I worked for 60 years and still have to rely on a pension to survive. We should be allowed to work partime earning any amount of $$$$ if we wish, and not have it affect our pension which we are entitled to regardless.

 

[Zemo]

I didn't say the second comment in the box put in by Mumma Shirl, although I agree with her.
I guess it's spelt C-O-M-P-U-T-E-R.

 

[Sherril54]

I think most people have forgotten that there is a worldwide down turn in economic growth. Australia is not in recession (yet). America is teetering on recession, so is Japan, China, Germany, England and most European countries. English aged pensioners get 442.40 pounds per fortnight ( the full pension is not available unless you have contributed to the National Insurance Scheme for 35yrs and only eligable for part pension if you have contributed to the NIS for 10 yrs. This is not so in Australia. How about we wait for the budget anouncment to be fully aware of the impact it will have on everybody, not just the pensioners. Things are going to be tight for the ordinary population. I don`t think it will impact much on those that are wealthy. The current government isn`t doing to bad in the scheme of things. If the LNP is elected there will be cut backs on general free services, they prefer privatisation so the pensioners will miss out again.

 

[Ezzy]

Definitely nothing in the budget for pensioners, AGAIN!!!

I don't begrudge a handout to rebuild the burnt out Synagogue, but $30 million!
Isn't that a little extreme? I bet the original building cost wasn't anywhere near this cost & then an extra $1.2 million for security upgrades.

How about reducing those amounts & giving it to the people who built this country & fought in two World Wars for its existence, the good old PENSIONER?

 

[Kman]

Does anyone really believe a dickhead lying scumbag like Albo to keep any of these promises.

 

[modelraildesign@internode]

You are at it again. Just spread what the ALP government has given you verbatim. Where in the article is there at least a basic inclusion which tells your members that the Opposition and other parties have their policies to announce. No just the spiel from the Government sheet. You are incorrigibly biased beyond belief.

Get a grip, this is the budget the other parties have nothing to do with it and SDC can only comment on what might be in it, The politicking will start next week.

 

[marni]

My rent went up $31 DOLLARS a week you give me $3.10 I tell you now i will not be voting for you have stuffed this country Hope all aged penisoners dont vote for you

They did not give you the increase !! Governments are only giving future tax payers money away. It’s all promises - not actually happening.

 

[modelraildesign@internode]

My rent went up $31 DOLLARS a week you give me $3.10 I tell you now i will not be voting for you have stuffed this country Hope all aged penisoners dont vote for you

I will vote for them, the rent rise you had is left over pain caused by the previous Liberal Govt. Labor have been trying to clean up their disastrous mess for 3 years the deserve another 3 years to actually implement the improvements they wanted to do. Voting liberal is like voting Trump and look where that's going.

 

[David567]

I notice the word "COULD" used a lot. I guess that means "PROBABLY WON'T DO A DAMN THING" to help anyone.

 

[georgesggrandma]

They will not be getting my vote either!

So mine went up $25 only because I appealed to my owners through property manager to decrease the proposed rent increase of $35 by $10 though its still going to be very difficult to pay this amount. No choice as nobody will do a new lease agreement where I would be paying half my pension in rent.

 

[Judith A.]

There is nothing in this Budget for a pensioner. Again. I still can't understand why the rich get the electricity allowance and it's half of what we got this year even though the cost of power is increasing. Childcare subsidy for people earning less than $530k a year? Why would a family earning $529k a year need help???? It's like the Govetnment have forgotten that we pensioners paid taxes all of our lives so that we could have a decent, respectful retirement. No, they look at it like we're on the dole and don't deserve any form of increase to make our lives a little easier. I'm interested to see what the Coalition come up with, but not holding my breath. Prnsioners are now the forgotten generation.

I agree with all you have said we sure are the forgotten generation & hopefully we will all die, that is the best way to get rid of us & not be a bother to the government.

 

[Isis]

Heard it all before words arnt deeds

 

[Reet]

Ah, good ol' Labor. Spend like buggery today to stay in favour and power, keep the dumb multitude happy and ignorant and entranced by trivial pursuits, let future governments pick up the pieces.
The old Romans had the right idea. It was called "panem et circenses" (look it up in your Funk and Wagnalls)

And we will have an economy left in the red like the last Labour Government.

 

[Jancgr]

Some comments on the summarised items mentioned re Budget


Healthcare
Bulk-billing already exists where a doctor chooses to bulk-bill. This will only be “expanded,” if doctors choose to do so. Can we expect coffee costs, electrical costs and plumbing costs to all be bulk-billed? The reduction of medicines could have been done during the last three years, but hasn’t. Now seems a very suspicious time!!!!
Energy bill relief
The promise was made in 2022 to reduce electricity. Is this just an amount off the dearer price we’ve paid? It’s become dearer since the last promise, not cheaper.
Australian-made goods
We can all be involved here without any costly ‘Buy Australian’ campaign.
Budget deficit and economic outlook are words that mean little to my understanding, probably similar to that of most people. All I know is to spend only what I have and only when I need!
Education gives no mention to any initiative other than reducing former students’ tertiary debt. This only has to be repaid when income reaches a set level. A former system of scholarships meant those with the greatest ability had fees paid, fairest to all regardless of location, background or creed.
Childcare: This can only be given if there are places in legal, correctly functioning centres. Where will these be built?
Other inclusions: Rail link to new airport should be in place, not at the reserve land stage.
Will security upgrades be for all and everywhere?
We don’t need money for suppliers to “stand up” to only two supermarkets. We need lowering of prices for all items at each venue.
Items to do with housing costs need to be analysed in line with a rapid large decrease in immigration and those allowed in on temporary visas should be sent home to free up our housing stock.
Jan