Budget 2024: Tax Cuts, $300 Household Energy Rebates Unveiled as Centrepieces

Published on May 14, 2024

Energy bill relief, tax cuts for every taxpayer, a cap on medicine prices, and support for renters have led the Labor government’s plans to ease cost-of-living pressures. The federal budget, announced on May 14, delivers $3.5 billion (US$2.25 billion) in new energy bill relief, with every Australian household receiving an energy rebate of $300 (US$198) and one million small businesses getting a $325 rebate. The centrepiece of the budget is the new tax cuts of $36 (US$23.81) a week on average for all 13.6 million taxpayers, which will begin flowing in less than seven weeks. The average benefit would be $1,888 a year. For a family with a combined income of around $130,000—their combined tax cut will be over $2,600 a year or about $50 a week....

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