A one-off, tax exempt payment of $250 will be paid to an estimated six million Australians in April.
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
- 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."
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
Online Saver (Amounts < $499999)
High Interest Savings Account (< $250k)
Online Saver ($1-$100k)
BU Savings Account
Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of June 29, 2022. View disclaimer.
Image by Lukas Juhas via Unsplash