Get Ready: A One-Off Payment to Help With the Cost of Living is Coming

Cost of living relief payments are coming into effect from 1 July

With the rising cost of petrol in Australia, not to mention the rising cost of living in general, you may be wondering how much longer you’ll be able to make ends meet. Forget even trying to save — will you even be able to afford your current lifestyle, or will you have to go back to your uni days of two-minute noodles?

If that’s the case, you’ll be pleased to hear that help is on the way.

On Tuesday, the federal government announced millions of Australians will be eligible for a one-off payment of hundreds of dollars.

Who Will Get the Payments?

According to Treasurer Josh Frydenberg, Australians earning less than $126,00 a year will be eligible for an additional $420 from 1 July 2022 after a tax return has been lodged.

The payment is part of the government’s Low and Middle Income Tax Offset (LMITO), which previously offered between $255 and $1080 at tax time. This will now increase from $675 and $1,500.

It’s expected around 10 million Australians will be eligible for the payment.

Treasurer Josh Frydenberg said on Weekend Sunrise on Sunday, March 27, as per 7NEWS: “Pensioners will of course be supported by the government. You’ll see cost of living relief right now, and you’ll see pensioners benefit.”

petrol prices australia
Image: Getty Images

What Other Cash Bonuses Has the Government Already Given? 

The government is also expected to offer a one-off payment of $250 to welfare recipients as part of the budget.

Meanwhile, the country’s unemployment rate has fallen to a new 13-year low, and after NSW released $250 ‘Thank you’ vouchers for parents per primary school-aged kid, $500 for parents towards before and after-school childcare and a $50 Stay NSW voucher for accommodation. Meanwhile, the Victorian government has released a $200 voucher, which can be used towards travel.

The Australian Federal Budget will be announced Tuesday, March 29. Read all of our budget coverage, here.

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