Editor's Note, 27 April: Payments will start flowing through to bank accounts this week. Eligible groups registered through MyGov receive the one-off payment automatically - nothing needs to be done.

The $250 payment is aimed to help Australians deal with the rising cost of living and will be paid to eligible customers from 28 April 2022, costing the Federal Government an estimated $1.5 billion. 

You do not need to apply to claim the payment.

If eligible, the payment will be automatically transferred into your nominated bank account. 

Each recipient can only receive one payment, even if you are eligible under two or more categories.

The $250 payment does not count as income support for the purposes of any income-support payment or for tax purposes.

Who is eligible

To be eligible you must be a concession card holder or receiving one of the following government payments as of 29 March 2022:

  • ABSTUDY Living Allowance
  • Age Pension
  • Austudy
  • Carer Payment
  • Carer Allowance
  • Disability Support Pension
  • Double Orphan Pension
  • Farm Household Allowance
  • JobSeeker Payment
  • Parenting Payment
  • Special Benefit
  • Youth Allowance
  • Commonwealth Seniors Health Card
  • Pensioner Concession Card. 

Treasurer Josh Frydenberg said in last night's Budget speech events abroad are pushing up the cost of living at home. 

"Higher fuel, food and shipping costs are increasing inflation and stretching household budgets,” Mr Frydenberg said.

“Tonight the Morrison Government announces a new temporary, targeted and responsible cost of living package to ease these pressures. Practical measures that will make a difference.”

Short term solution for a long term problem

The Committee for Economic Development of Australia (CEDA) said the Federal Budget relies on short-term quick fixes to address cost of living concerns, while missing the opportunity to set Australia on a stronger long-term path.

“This Budget’s focus on temporary measures to alleviate rising costs-of-living such as cutting the fuel excise, cost of living tax offsets and one-off payments will be welcomed by many,” said CEDA Chief Economist Jarrod Ball. “But the Budget has only taken modest steps to permanently lift the capacity of households to navigate the growing pressures on the economy.  “The $8.6 billion of cost-of-living measures mostly benefit income earners and motorists, with many income support recipients receiving the least relief from cost-of-living pressures. “With growing inflationary pressures and interest rate rises on the horizon, cost-of-living pressures will not dissipate any time soon and these measures do not provide a long-term solution."


Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 28, 2024. View disclaimer.

        Image by Lukas Juhas via Unsplash