Here’s what this State Budget could mean for you: Discover the incredible rebates that could help save you money!
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With the current cost-of-living crisis, many are wondering what the government can do to help alleviate the high costs.
So in an effort to help and support its citizens, this state government has announced a whopping 130 cost-of-living measures in their 2023 budget to help ease costs for everyone.
Worth a whopping $8 billion, energy bill rebates and toll caps are among the 130 cost-of-living measures NSW residents will be eligible for.
Here’s more information on some of the measures:
Energy and Water Bill Rebates:
Over the 2023-24 financial year, the state government revealed that they will spend $1.3 billion on energy and water bill rebates.
Together with the efforts of the federal government, up to 1.6 million households will be entitled to a one-off $500 rebate directly applied to their bills before July 1, 2024, while 300,000 small businesses are entitled to $650 in energy bill relief.
For those who install solar panels, under the Rebate Swap for Solar program, you could be rewarded with an extra $600 off your bills.
Moreover, for households experiencing financial distress, the cap on the Energy Accounts Payment Assistance crisis support payment has been increased by up to $500.
Pensioners and low-income households are able to qualify for the Low Income Households Rebate, which entitles them to a concession on their water rates, while some concession cardholders may also receive a $121 annual discount on their gas bills.
Lastly, for further bill relief in the 2024-25 financial year, the Minns government has set aside another $100 million.
Toll Cap:
The NSW government’s $561 million initiative aims to cap tolls at $60 each week from January 2024, allowing around 750,000 drivers to benefit from a quarterly refund from Service NSW.
Vehicle owners, registered as private, pensioners, or charitable, who use the M5 South-West Motorway will be refunded for all toll costs through a cashback scheme.
Truck drivers, on the other hand, will benefit from the slashed truck toll multiplier—from three times down to two times the cost of a private vehicle using the M5 East and the M8.
Health Worker Relocation Bonus:
An additional $20,000 will be given as a relocation bonus to healthcare students who relocate to rural or regional areas to work.
On top of this, they are also potentially entitled to salary boosts, sign-on bonuses, and retention payments of up to $20,000 per annum. They may also be eligible for relocation assistance and housing, additional leave, and access to training and education.
This value may increase, and packages will be scaled when applying to relocate to more remote locations.
First Homebuyers Assistance Scheme:
First-time home buyers purchasing property under $800,000 are guaranteed to have no stamp duty, saving them $30,735, due to the government’s immense funding of $998 million across the next four years for this scheme.
Those purchasing a property between $800,000 and $1 million will get a reduced amount of stamp duty.
Moreover, those buying a newly built residence with a price of less than $600,000 or those buying land and a new house with a combined total cost below $750,000 can obtain a $10,000 first homeowner grant.
Rural and Regional Parking:
Lastly, staff, patients, and visitors are entitled to free parking at their rural and regional hospitals, as the Minns government has set aside $19 million for this benefit.
Members, what do you think about the NSW government’s initiatives? Do you wish you had these in your own states too? Share your thoughts with us in the comments below!
So in an effort to help and support its citizens, this state government has announced a whopping 130 cost-of-living measures in their 2023 budget to help ease costs for everyone.
Worth a whopping $8 billion, energy bill rebates and toll caps are among the 130 cost-of-living measures NSW residents will be eligible for.
Here’s more information on some of the measures:
The NSW government is providing its citizens relief and support through its 2023-24 budget. Image source: newsouthwales.com.
Energy and Water Bill Rebates:
Over the 2023-24 financial year, the state government revealed that they will spend $1.3 billion on energy and water bill rebates.
Together with the efforts of the federal government, up to 1.6 million households will be entitled to a one-off $500 rebate directly applied to their bills before July 1, 2024, while 300,000 small businesses are entitled to $650 in energy bill relief.
For those who install solar panels, under the Rebate Swap for Solar program, you could be rewarded with an extra $600 off your bills.
Moreover, for households experiencing financial distress, the cap on the Energy Accounts Payment Assistance crisis support payment has been increased by up to $500.
Pensioners and low-income households are able to qualify for the Low Income Households Rebate, which entitles them to a concession on their water rates, while some concession cardholders may also receive a $121 annual discount on their gas bills.
Lastly, for further bill relief in the 2024-25 financial year, the Minns government has set aside another $100 million.
Toll Cap:
The NSW government’s $561 million initiative aims to cap tolls at $60 each week from January 2024, allowing around 750,000 drivers to benefit from a quarterly refund from Service NSW.
Vehicle owners, registered as private, pensioners, or charitable, who use the M5 South-West Motorway will be refunded for all toll costs through a cashback scheme.
Truck drivers, on the other hand, will benefit from the slashed truck toll multiplier—from three times down to two times the cost of a private vehicle using the M5 East and the M8.
Health Worker Relocation Bonus:
An additional $20,000 will be given as a relocation bonus to healthcare students who relocate to rural or regional areas to work.
On top of this, they are also potentially entitled to salary boosts, sign-on bonuses, and retention payments of up to $20,000 per annum. They may also be eligible for relocation assistance and housing, additional leave, and access to training and education.
This value may increase, and packages will be scaled when applying to relocate to more remote locations.
First Homebuyers Assistance Scheme:
First-time home buyers purchasing property under $800,000 are guaranteed to have no stamp duty, saving them $30,735, due to the government’s immense funding of $998 million across the next four years for this scheme.
Those purchasing a property between $800,000 and $1 million will get a reduced amount of stamp duty.
Moreover, those buying a newly built residence with a price of less than $600,000 or those buying land and a new house with a combined total cost below $750,000 can obtain a $10,000 first homeowner grant.
Rural and Regional Parking:
Lastly, staff, patients, and visitors are entitled to free parking at their rural and regional hospitals, as the Minns government has set aside $19 million for this benefit.
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