ACT Government’s Comprehensive Cost-of-Living Package in the 2024 Budget
Amidst the rising cost of living pressures felt across the country, the ACT Government has introduced a comprehensive cost-of-living package in this year’s Budget to provide continued support to Canberrans most impacted by financial strains.
Supporting Apprentices and Trainees
One of the key initiatives in the budget is the introduction of a new, one-off $250 payment to assist local apprentices and trainees. These individuals often face financial challenges due to their restricted earning capacity while pursuing their qualifications. The payment aims to alleviate some of the financial pressures they are encountering.
Assisting Families with Schooling Costs
In an effort to support students and families in need, the ACT Government is expanding the Future of Education Equity Fund. This fund has already made a significant impact by aiding over 5000 students in Canberra. The expansion will enable more families to receive financial assistance for expenses such as textbooks, music lessons, and sporting equipment.
Electricity, Gas, and Water Rebate
Over 40,000 low-income households in Canberra will benefit from an increase in the Electricity, Gas, and Water Rebate. The payment will be raised to $800 per year, providing crucial support for these households in managing their home energy costs. When combined with the $300 Federal Government energy payment, one in five Canberra households will receive a total of $1,100 towards their energy bills.
Targeted Cost of Living Support
The comprehensive cost-of-living package also includes a range of initiatives aimed at assisting vulnerable Canberrans:
- Expanding the Utilities Hardship Fund and increasing vouchers from $100 to $300
- Extending the Rent Relief Fund to support more individuals experiencing rental stress
- Expanding public transport concession fares to include more low-income residents
- Additional funding for community organizations providing essential services to vulnerable populations
- Increased assistance through various subsidy programs and financial aid services
These measures are designed to provide targeted support to those most in need, ensuring that all members of the community can access essential services and support during challenging times.
For more information on cost-of-living support initiatives, visit act.gov.au/money-and-tax/cost-of-living-support.
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FAQs
What is the Future of Education Equity Fund?
The Future of Education Equity Fund is a program designed to support students and families in need by providing financial assistance for educational expenses.
How can low-income households in Canberra benefit from the cost-of-living package?
Low-income households in Canberra can benefit from various initiatives such as increased rebates, subsidy programs, and financial aid services aimed at easing their financial burdens.