In a video segment, money expert Effie Zahos from InvestSMART explains the cost-of-living measures outlined in the government’s 2024 federal budget. She discusses various initiatives that aim to alleviate financial burdens for Australians in different areas. Zahos explains that these measures are in response to rising inflation and cost pressures on households.
One of the key measures discussed is the increase in the threshold for the low-income tax offset, which will benefit low-income earners. This means that individuals earning up to a certain amount will receive a tax offset, reducing their tax burden. Zahos also highlights the changes to the childcare subsidy system, which will provide more support for families with multiple children in care. These measures aim to make childcare more affordable for parents.
Another important aspect of the budget measures is the increase in the aged pension. Zahos explains that this increase will help older Australians cope with the rising cost of living and ensure they have a decent standard of living in retirement. Additionally, she discusses the changes to the housing market, including measures to make home ownership more accessible for first-home buyers and support for renters.
Zahos also touches on the impact of rising energy prices on household budgets and the government’s efforts to address this issue. The budget includes measures to support households with the cost of energy bills, such as rebates and subsidies. This is particularly important as energy costs can be a significant expense for many households, especially during peak seasons.
Overall, Zahos emphasizes the importance of understanding how these budget measures will impact individual households and encourages people to take advantage of any available support. She advises viewers to assess their own financial situation and take action to make the most of the government’s initiatives. By being informed and proactive, households can better navigate the cost-of-living challenges and improve their financial well-being in the long run.
In conclusion, the video segment provides a clear overview of the cost-of-living measures outlined in the government’s 2024 federal budget. Effie Zahos explains the key initiatives aimed at supporting low-income earners, families, older Australians, and households struggling with rising energy costs. By understanding these measures and taking advantage of available support, individuals can better manage their finances and cope with the challenges of the current economic environment.
