How the 2024 budget will impact retirees

Retirees

• The PBS co-payment will remain the same price for the next five years for pensioners and other concession-card holders. The government says no pensioner's co-payment will cost more than $7.70 until 2030, regardless of increases in the age pension.
• Freeze on social security deeming rates to continue for another year, until June 30, 2025. The government says this will benefit around 450,000 Australians on the age pension.
• There will be an extra 24,100 home care packages in 2024-25 to help older people live at home.
• The government will fund an aged care award wage increase following a Fair Work Commission decision.

• Parents receiving government-funded paid parental leave will receive 12 per cent superannuation for babies born or adopted from July 1, 2025. The Australian Tax Office will pay it in a lump sum at the end of the financial year, including interest.
• Second parents will receive an extra two weeks of parental leave to while the primary carer is on leave from July 1, 2025.
• The government has also promised to fund early childhood educator wage increases, if approved by the Fair Work Commission. There are hopes this will increase the availability of child care spots by reducing workforce shortages.
• The government will continue to invest funding to provide free preschool for children in the year before they start school.
• Extra money to provide midwives indemnity insurance when assisting with low-risk homebirths.
• Around 96,000 single parenting payment recipients are expected to benefit from an extension to the social security deeming rates freeze until June 30, 2025.

Business owners

• Some small businesses will receive $325 off their energy bills through a rebate from July 1, 2024.
• The $20,000 instant asset write-off is being extended until June 30, 2025.
• Employers of apprentices in priority occupations will continue to receive a $5000 hiring incentive.
• The government has invested $10 million into Services Australia to improve the experience of businesses trying to administer Paid Parental Leave.
• Employers can receive up to $10,000 in wage subsidies to employ people with disabilities.

Women

• Money invested to train GPs in menopause care, and to insert and remove contraceptives.
• Delivery of free period products in remote and rural First Nations communities.
• Removal of tariffs for some sanitary products, including some menstrual cups and period undies.
• Longer Medicare-subsided gynaecology consultations provided for people with suspected endometriosis or pelvic pain.
• Access to a PBS drug will be expanded to include early breast cancer with a high risk of returning. Patients will pay a maximum of $31.60 per script.
• Nursing practitioners will be to able to provide MBS-subsidised ultrasounds for medical abortions,
• Birth parents will be given a birth debriefing and mental health screening at their six week postnatal appointment.
• Some midwives will be able to prescribe PBS medicines.
• People fleeing domestic violence can access $5000 in cash and vouchers, and access additional support for up to 12 weeks. The government estimates it will help 36,000 victim-survivors each year.
• Government is establishing a National Higher Education Code to Prevent and Respond to Gender-based violence.
• Ongoing funding for a specialised service helping domestic violence victim-survivors who are on temporary visas.
• Carers payment recipients, 71 per cent of which are female, will be able to spend more time working from March 20, 2025.

Feeling cost-of-living crunch

• All households will receive a $300 energy bill rebate.
• Low-income earners on $18,201 to $45,000 will save up to $804 at tax time.
• Those earning between $45,001 and $135,000 will save between $804 and $3,729 on tax.
• It will be cheaper to buy goods such as toothbrushes, fridges, dishwashers, clothing and sanitary products because the government is abolishing 457 tariffs - which are taxes on products being imported to Australia.
• The maximum Commonwealth Rent Assistance rate will increase by ten per cent for all payments. Singles will get up to $18.80 per fortnight, while families with children may receive up to $25.06 more per fortnight.
• The government says no co-payment for pensioners or concession-care holders will cost more than $7.70 until 2030, regardless of increases in pensions or social security payments.
• Around 4700 single Jobseeker recipients will earn at least $54.90 more per fortnight (though this includes the energy supplement).
• Around 136,000 Jobseeker payment recipients are expected to benefit from an extension to the social security deeming rates freeze.