Money for millions of Aussies: All the major cost-of-living relief in 2024 Federal Budget

The cost-of-living crisis and its impact on Australians was always going to be at the centre of the 2024 Federal Budget. The tricky part for Treasurer Jim Chalmers is to ensure the billions of dollars worth of support being dolled out does not undo the sacrifices we've all made in our fight against inflation.

Household budgets are being drained by high energy costs, elevated petrol prices, out-of-control rents and a steep rise in interest rates. But you'd know all this.

What you might not know is exactly what measures are being taken to help Australians feeling the pinch. So, Yahoo Finance has put together a list of the announcements that will have the biggest impact on your bottom line.

Find out how the 2024 Federal Budget will impact you by following Yahoo Finance’s coverage here.

What cost of living support will Aussies get in the federal budget?

Stage 3 tax cuts: All 13.6 million Australian taxpayers will see an increase in their take-home pay as tax cuts come in July 1. The average benefit is $1,888 per year, or $36 a week. Take a look at how much your weekly benefit will be here.

Energy rebates

A $3.5 billion energy relief package will hand a $300 rebate to every Australian household, along with small businesses. While less than last year's $500 rebate, more people will get it. Last time just pensioners, veterans, seniors and concession card holders were eligible. Find out how you will get the payment here.

Low-income renters

The Commonwealth Rent Assistance payment will be increased by 10 per cent, on top of the 15 per cent hike in last year's budget. Nearly one million welfare recipients will benefit from the change. Find out who is eligible here.

Cheaper medicines

Medicine will be cheaper under a temporary freeze on the maximum co-payment for the Pharmaceutical Benefits Scheme for anyone with a Medicare card. Chalmers said no-one will pay more than $31.60 "this year and next". Pensioners and concession card holders will have theirs frozen for five years at $7.70. Find out the details on health relief here.

Help for pensioners

On top of cheaper medicine and potential rent assistance, pensioners will benefit from another freeze in the deeming rate. That's how your financial assets impact means testing for welfare payments. It's meant to change each year, but it's been frozen since 2022 and will be until June next year. Find out the nitty gritty here.

Students and apprentices

Students in some health and teaching fields will be eligible for a $ 320-a-week payment, on top of other income support, to help with hours spent doing unpaid work. Find out more here.

It's not just university, there will be $88.8 million dedicated to funding 20,000 new fee-free TAFE places over the next three years. This is aimed at getting more tradies out there to solve our housing supply issue.

HECS-HELP debt indexation change

Up to three million Aussies will have student loans increased in line with either the consumer price index or wage price index, whichever is lower. This is set to be backdated, wiping billions of debt that ballooned last year, but it needs to pass before June. See how much your debt will go down by here.

Superannuation paid on parental leave

Parents are getting an expanded parental leave scheme and now the government has flagged introducing 12 per cent superannuation payments from July 1, 2025. See how much that will impact parents' nest egg here.

Medicare levy

More low-income relief here. More Australians won't have to pay the Medicare levy, or not as much of it, as the threshold is rising. Find out more here.

Welfare increases

There have been calls for a major boost to the JobSeeker rate, but only a small group are being addressed. JobSeekers with a partial capacity to work - between zero and 14 hours a week - will get a $54.90 a week increase as the eligibility criteria are expanded. See why experts fear that's not enough here.

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