Ten million Australians will get up to $1,500 back in their next tax return and another six million will get a $250 cash handout under the Government’s pre-election cash-splash Budget which will also slash petrol prices.
Australians earning less than $126,000 will from July 1 get an existing tax offset of up to $1,080 plus a bonus $420 to help manage the rising cost of living in a $4.1billion policy.
Meanwhile, a one-off payment of $250 will hit the accounts of pensioners, welfare recipients and veterans in April in a $1.5billion splash of taxpayer money.
Amid soaring petrol prices, the Government is spending $3billion to slash fuel duty in half for six months from tonight – saving an average household $300 over six months and families with two cars $700.
But there could be more cost of living pain on the horizon with interest rates predicted to rise from June, pushing up mortgages – and inflation set to hit 4.25 per cent, the highest in 14 years.
Treasurer Josh Fyrdenberg said the Government’s plan to help the economy recover after the Covid-19 pandemic was working, with…
