Staying afloat amidst the rising tide of expenses can be daunting, especially for those grappling with the ever-increasing cost of living.

But there's a beacon of hope on the horizon with the Australian government's promise of a 'massive' package to ease the financial burden.

Education Minister Jason Clare recently hinted at a comprehensive package coming in May, which intends to put more money back into the pockets of Australians.

Mr Clare emphasised the gravity of this issue, stating, 'The big issue for all Aussies, whether they are in Dunkley or around the country, is the cost of living.'

'That’s what's on everybody’s mind. Whether they’re paying bills at the supermarket or paying down their mortgage.'

Labor’s upcoming budget plans may potentially help alleviate the financial burden on many Australians. Image source: Shutterstock.

'The tax cuts will help with that, inflation going down will help with that, wages going up will help with that. But we’re very conscious that's the biggest issue Aussies face right now.'

'It’ll be a big part of the budget. That is the biggest issue in the country at the moment, it’s what all Australians are focused on, and it’s what we’re focused on as well.'

The concern is palpable across the nation as data from the Australia Bureau of Statistics revealed that food prices increased by 8 per cent, travel and accommodation escalated by 25 per cent, and household electricity bills soared by a sharp 15.5 per cent over the past year.

Thankfully, the latest Consumer Prices Index (CPI) data indicated a pause in the relentless inflation climb, holding steady at a 3.4 per cent increase in January from the year prior.

This plateau brought a hint of encouragement as it suggested that the rate of price rises has momentarily ceased its acceleration.

The upcoming federal budget aims to build on these small glimpses of economic breathing space.

Part of the plan may include revamping the current stage 3 income tax cuts scheduled for July.

These tax cuts could potentially help alleviate the pressure many face from recurring household expenses.

Meanwhile, Opposition finance spokeswoman Jane Hume has also indicated that the Coalition is also in the midst of crafting its own cost-of-living strategies.

'We all want to see inflation come back to band. But the problem is it’s staying higher for longer because of the decisions this government is making,' Ms Hume said.

'Watch this space,' she added.

Key Takeaways

• Education Minister Jason Clare has hinted a significant cost-of-living package will be included in the May federal budget as Australians grapple with rising expenses.
• The government acknowledges the cost of living as a central concern for Australians and aims to address it with various measures, including tax cuts and monitoring inflation.
• Food prices, travel and accommodation, and electricity bills have surged significantly, putting additional pressure on households.
• The Labor government is considering additional relief measures, such as changing university tuition indexation, while the opposition finance spokeswoman Jane Hume indicated the Coalition is developing its own cost-of-living policies.

What are your thoughts on this latest news? Share them with us in the comments below.

 

[Suzanne rose]

That's great for those who are working but won't relieve the pressure on pensioners

 

[Iggydi]

They will get their money back by jacking the prices up somewhere else

 

[ARL]

Our government is characterised by too little too late. They need to promptly address the cause of issues, which for cost of living is energy prices and the stranglehold Coles and Woolworths have over people. Either price control, super profits tax, or breaking up these gigantic firms. This would be cheaper than endless handouts

 

[Luckyus]

Generally speaking is if you want fiscal responsibility, don't vote Labour.

 

[ARL]

Generally speaking is you want fiscal responsibility, don't vote Labour.

We certainly did not get fiscal responsibility from the LNP.

 

[mylittletibbies]

That's great for those who are working but won't relieve the pressure on pensioners

The pensioners plight just goes from bad to worse.
I am grateful that I own my home and although not wealthy, I am at least comfortable
But what about those who are relying on pensions only.
With rents out of control, rental assistance being pathetically out of touch with reality, how are people expected to survive.
High paid fat cats in WA were recently given pay rises almost double what pensioners get per year, on top of their salaries which are already thousands of dollars per week.
Single pensioners are to get less than $10/week!!!
It doesn't matter which party is in power the pensioners keep on getting screwed.

 

[Liz Davis]

I wish the Governmentt would get real. The real issue at present is the day to day living of many Australians such as the cost of food electricity gas fuel education. Many of the companies are achieving ongoing large profits at our expense so do something about that and bring down day to day living expenses . Increasing wages giving handouts only increases costs more and we end up poorer. What a viscous sad prospect!!!!

Our government is characterised by too little too late. They need to promptly address the cause of issues, which for cost of living is energy prices and the stranglehold Coles and Woolworths have over people. Either price control, super profits tax, or breaking up these gigantic firms. This would be cheaper than endless handouts

 

[AlanQ]

That's great for those who are working but won't relieve the pressure on pensioners

It's index every year. Part time work is an option or even the small token amount from returning containers for the initial deposit.

 

[AlanQ]

Generally speaking is you want fiscal responsibility, don't vote Labour.

That's right, instead vote for a party that created the middle class welfare system in the early 00's instead of putting money into a sovereign wealth fund that would then provide a dividend that could/would be used in time such as now. Oh, and of course don't forget who left this country with a TRILLION dollar repeat TRILLION DOLLAR debt that the great great grand children of today will still by paying the interest of in 50 to 100 years time. There's where the financial mismanagement of this country lies, the former LNP govt of this country. Also, keep in mind those idiots allowed people to take up to $20k from their super. There are now people that have zero in super funds, that's created a massive welfare issue in the decades ahead for these people. If that's financial responsibility I give up on any hope for this countries generation(s).

 

[ARL]

It's index every year. Part time work is an option or even the small token amount from returning containers for the initial deposit.

Have you looked at the index amount? Effectively going backwards. Love to know where all these part time jobs are, as I would like one.

 

[Jest]

The pensioners plight just goes from bad to worse.
I am grateful that I own my home and although not wealthy, I am at least comfortable
But what about those who are relying on pensions only.
With rents out of control, rental assistance being pathetically out of touch with reality, how are people expected to survive.
High paid fat cats in WA were recently given pay rises almost double what pensioners get per year, on top of their salaries which are already thousands of dollars per week.
Single pensioners are to get less than $10/week!!!
It doesn't matter which party is in power the pensioners keep on getting screwed.

sometimes one needs to be grateful for small mercies.

 

[AlanQ]

Have you looked at the index amount? Effectively going backwards. Love to know where all these part time jobs are, as I would like one.

where do you live? That would be a starting point of issue.

 

[AlanQ]

The pensioners plight just goes from bad to worse.
I am grateful that I own my home and although not wealthy, I am at least comfortable
But what about those who are relying on pensions only.
With rents out of control, rental assistance being pathetically out of touch with reality, how are people expected to survive.
High paid fat cats in WA were recently given pay rises almost double what pensioners get per year, on top of their salaries which are already thousands of dollars per week.
Single pensioners are to get less than $10/week!!!
It doesn't matter which party is in power the pensioners keep on getting screwed.

and the tax these 'high paid' fat cats are most likely paying more in tax each year than you receive in welfare.

 

[Da Freddo]

After being retired for several years,boredom set in, so I approached one of my old employers
asking if any part time work was available.
He hired me straight away after I asked for $20 p/h rate.
Not being greedy I just wanted to do some work to relieve boredom, if he offered $10p/h I still would have taken the job.
This position was not 9 to 5 x 5 days p/w but on call.
The great thing was relief no more boredom,.
And the great thing was payday, know what I mean ""nudge nudge wink wink""

 

[AlanQ]

After being retired for several years,boredom set in, so I approached one of my old employers
asking if any part time work was available.
He hired me straight away after I asked for $20 p/h rate.
Not being greedy I just wanted to do some work to relieve boredom, if he offered $10p/h I still would have taken the job.
This position was not 9 to 5 x 5 days p/w but on call.
The great thing was relief no more boredom,.
And the great thing was payday, know what I mean ""nudge nudge wink wink""

casual, cash in hand or not is additional income that most (former) employers will consider.

 

[ARL]

sometimes one needs to be grateful for small mercies.

One should not have to be grateful when it is at the expense of others

 

[IAN3005]

Fix the rent subsidies for pensioners my rent is $859 a month more than the pension....

 

[Grahamclarke]

There’s not much information out there at this time. But anything to do with tax cuts will be good. Fuel and food cost are the ones I believe they need to look at. Stop these big corporations from making so much profit

 

[IAN3005]

There’s not much information out there at this time. But anything to do with tax cuts will be good. Fuel and food cost are the ones I believe they need to look at. Stop these big corporations from making so much profit

On the backs of the hard workers.