Helping with the Cost of Living

Helping with the Cost of Living

REDUCING TAXES

In 2018-19, 4.5 million Australians will get tax relief of $1,080 per year. Over 10 million taxpayers will get some tax relief.

We’re making income taxes lower, fairer and simpler. By the time our tax relief plan is fully implemented, 94% of taxpayers will pay no more than 30 cents in the dollar.

Tax relief has been delivered for 3.4 million small and medium businesses employing over 7 million Australians.

We will fight Labor’s plan for $200 billion in new and increased taxes – on retirees, housing, incomes, family businesses, investments and electricity.

ACCESSIBLE, AFFORDABLE CHILD CARE

The Government’s new Child Care Subsidy is making child care more accessible and affordable for nearly 1 million families.

A typical family is around $1,300 better off a year.

Our changes have reduced child care out of pocket costs for families by more than 10% within the first 6 months of the new Child Care Subsidy.

Families can see how they will benefit at www.education.gov.au/eccc

MORE AFFORDABLE, RELIABLE ELECTRICITY

Our plan for affordable, reliable power includes: a price safety net to protect customers; a big stick to stop energy company rip offs of customers; and a technology neutral program to underwrite new reliable energy generation.

Our plan is already getting results. AGL, Energy Australia, Origin, Alinta and other retailers have cut prices for customers on standing offers by up to 15%. This means half a million families and small businesses are benefiting from lower power prices.

MORE AFFORDABLE HEALTH CARE

More Australians are seeing their doctor without having to pay. Over 133 million free GP services were delivered last year – 27.3 million more than in Labor’s last year.

We have taken steps to make private health insurance more affordable. This year, premiums increased by 3.25% – the lowest rise in 18 years (and 40% less than Labor’s last year).

Since coming into Government, we have made over 2,000 medicines listings worth over $10.6 billion on the Pharmaceutical Benefits Scheme.

BANNING EXCESS CREDIT CARD SURCHARGES

We’ve banned excessive credit card surcharges. This means businesses can now only surcharge what it actually costs them to process card payments.

HELPING FIRST HOME BUYERS

Last financial year, 115,000 new home buyers had loans approved. This is the highest number since 2009-10.

Our First Home Super Savers Accounts help first home buyers save at least 30% faster by salary sacrificing up to $30,000 per person for a home deposit.

To help older Australians (over 65) who want to downsize, we are now enabling them to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.

Information current as at April 2019