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.

 

[ARL]

On the backs of the hard workers.

Why is it only workers? The retired have contributed, and should we ignore those who cannot find a job or are ill and disabled?

 

[IAN3005]

Why is it only workers? The retired have contributed, and should we ignore those who cannot find a job or are ill and disabled?

Them too....

 

[siameezer]

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

LOL you can't even spell Labor ... who by the way are proven to be more fiscally capable and better money managers than the LNP.

 

[arthur dagger]

Labour has no idea how to run the country, if we don't kick them out every one will be in a lot of TROUBLE

 

[ARL]

LOL you can't even spell Labor ... who by the way are proven to be more fiscally capable and better money managers than the LNP.

Spell check

 

[arthur dagger]

LOL you can't even spell Labor ... who by the way are proven to be more fiscally capable and better money managers than the LNP.

N0T lABOUR

 

[ARL]

Labour has no idea how to run the country, if we don't kick them out every one will be in a lot of TROUBLE

Well the alternative LNP is worse. Who do you suggest?

 

[siameezer]

Labour has no idea how to run the country, if we don't kick them out every one will be in a lot of TROUBLE

It is spelled "Labor" and no we will be in bigger trouble if the LNP are ever allowed to run the country again. Plus Dutton has said the Cashless Welfare Card is back on the table if he gets in and pensioners deserve better than being treated like fools who can't manage their money.

 

[Janice McKay]

They talk about Cost of living expenses like its nothing to worry about. They talk about tax cuts, but they don't help pensioners. They give us a whopping $29.20 for married customers, where that will do nothing to alleviate the cost living for us. So Labor what are you doing for pensioners in the May Budget, I bet, Nothing

 

[Squizzy1]

Another load of nothing.

 

[Squizzy1]

They talk about Cost of living expenses like its nothing to worry about. They talk about tax cuts, but they don't help pensioners. They give us a whopping $29.20 for married customers, where that will do nothing to alleviate the cost living for us. So Labor what are you doing for pensioners in the May Budget, I bet, Nothing

Age Pensioners are better off than they have ever been.

 

[ARL]

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

That dies not mean they are paying a reasonable amount of tax. Look at the tax as a percentage of gross income. Also to paya lot of tax one has to earn a lot of money i e. They can afford it.
For information median income is about $68k which means 50% of workers earn that OR LESS

 

[Luckyus]

LOL you can't even spell Labor ... who by the way are proven to be more fiscally capable and better money managers than the LNP.

Correction I can spell I'm not a bloody Yank or lazy, when I was in the workforce it was spelt LABOUR PARTY until some lazy bastard Labour apparatchik decided to drop the (U) out.

 

[LeahI]

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).

Oh so agree. I have been a Labour supporter since before I was old enough to vote due to a blue collar household. But I at least see through both my eyes and will say that the last LNP Govt run by Scotty from Marketing and his side kick Voldemort has been the absolute worst in history. They really f'd things up for many a generation to come.

 

[Jennie]

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""

Old employers are fine if they still exist. Out of 3 of the last employers of mine, one has moved overseas, one went bellyup, and the other sold off to a competitor and staff were made redundant. There's little or no work in small country towns anymore.

 

[shellsone]

Tax cuts are not going to help people on government pensions. Neither is the $14 raise coming shortly.

 

[ARL]

Old employers are fine if they still exist. Out of 3 of the last employers of mine, one has moved overseas, one went bellyup, and the other sold off to a competitor and staff were made redundant. There's little or no work in small country towns anymore.

Good luck for you, but not everyone can do that unfortunately

 

[ARL]

Age Pensioners are better off than they have ever been.

Any evidence for that? What is the basis for that claim?

 

[stev3281]

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

agreed, Wholeheartedly, AS usual pensioners miss out!

 

[Phantom55]

15.5%increase on electricity ....try 200%....I went from $230 to $ 800+ I keep reading about these figures, same with food from$100 pw to$160...where is the 10 -15%from?...if businesses are using electricity who is paying for their overheads..us ..Aust is one of the most expensive places on earth with the worlds highest wages when will we learn that if wages reach a million dollars a week ...the price of bread will be in line with a million dollars...we really are always looking for someone to blame ...well blame us ...we are stupid!!