What we know about Jim Chalmers’ 2023 budget
and there will be “additional measures” for renters, meaning more rent assistance is on the table or even the base rate of jobseeker itself might be raised also for under 55s.We know the total cost of the cost of living package is $14.6bn over four years. This includes, investments in energy efficiency and cheaper medicines.
The energy rebates of up $500 will go to 5.5m eligible households on government payments, and 1m small businesses. How big a discount you receive on your power bill will depend on what state you live in.changes to dispensing rules at pharmacies mean people will be able to buy two months of certain medications for the price of a single prescription. That is expected to save about $1.2bn, which the government has said it will reinvest in community pharmacies .to collect $2.4bn more in petroleum resource rent tax over four years by capping the proportion of PRRT assessable income that can be offset by deductions to 90%.
The Albanese government has agreed to an Organisation for Economic Co-operation and Development push for a minimum 15% tax rate and limit on debt-related deductions. InThe health minister, Mark Butler,by 5% a year over the next three years, raising an additional $3.3bn over four years. From 1 July 2025, the tax rate applied to future earnings of superannuation balances above $3m will be 30%. The measure will raise $900m over the next four years and $3.2bn over the next five years.
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