Helping with the cost of living.
ACCESSIBLE, AFFORDABLE CHILD CARE
Our new Child Care Subsidy is a once in a generation, $2.5 billion investment by the Coalition Government. It is making child care more accessible and affordable.
The Child Care Subsidy assists more than 1 million families to balance work and parenting responsibilities.
On average, families who use child care will be over $1,300 better off per child per year.
Families earning up to $186,958 will no longer be limited in the amount of subsidised child care they can access. This benefits around 85% of families using child care.
Families earning between $186,958 and $351,248 will also benefit from an increased annual rebate cap of $10,190 per child per year.
Low income families earning $66,958 or less who do not meet the activity test have access to 24 hours of subsidised care per child per fortnight.
Families can see how they will benefit at www.education.gov.au/eccc
MORE AFFORDABLE, RELIABLE ELECTRICITY
We are taking action to lower prices.
Our plan for affordable, reliable power includes: a price safety net to protect customers; a big stick to stop energy company rip offs of customers; and a technology neutral program to underwrite new reliable energy generation.
This builds on previous measures to lower energy costs, including: requiring power companies to provide better deals; securing priority gas supply for Australia; and putting downward pressure on network costs (which are passed on to customers) by stopping the energy networks from gaming the system.
Our plan for affordable, reliable power is already getting results.
AGL, Energy Australia, Origin, Alinta and other retailers have cut prices for customers on standing offers by up to 15%. This means half a million families and small businesses will benefit from lower power prices from 1 January.
On average, savings for residential customers in Victoria are $313.
In 2018-19, around 4.4 million Australians will get tax relief of $530 per year and over 10 million taxpayers will get some tax relief.
We’re making income taxes lower, fairer and simpler. By the time our tax relief plan is fully implemented, 94% of taxpayers will pay no more than 32.5 cents in the dollar.
Tax relief has been delivered for 3.3 million small and medium businesses employing around 7 million Australians.
BETTER HEALTH CARE AND GUARANTEEING MEDICARE
More Australians are seeing their doctor without having to pay. Over 133 million free GP services were delivered last year.
We have taken steps to make private health insurance more affordable. We are also requiring private insurers to categorise products as: gold; silver; bronze; basic, and use standardised definitions to make it clear what’s covered and what isn’t.
Since coming into Government, the Coalition Government has listed over 1,900 medicines worth almost $10 billion. New medicines listed by the Coalition Government will assist people suffering from cancer, heart disease, epilepsy, spinal muscular atrophy and severe Asthma.
Medicines that were previously unaffordable for many are now available for $6.30 (concessional) or $38.80 (general patients) per script.
IMPROVING PRIVATE HEALTH INSURANCE
Our focus is to keep premium rises as low as possible. This year, premiums increased by 3.95%. This was the lowest premium rise in 17 years and lower than in any year under the previous Labor Government.
For the 13 million Australians who rely on private health insurance, we have taken steps to make private health insurance more affordable and easier to understand. This includes requiring insurers to categorise products as: gold; silver; bronze; basic, and use standardised definitions to make it clear what’s covered and what isn’t.
Under our reforms: private insurers are now allowed to discount premiums for 18 to 29 year olds by up to 10 percent; insurers will be able to offer travel and accommodation benefits for treatment for people in regional and rural areas; and policy holders will have better cover for mental health – by being able to upgrade cover without a waiting period.
BANNING EXCESS CREDIT CARD SURCHARGES
We’ve banned excessive credit card surcharges. This means businesses can now only surcharge what it actually costs them to process card payments.
REDUCING PRESSURE ON HOUSING AFFORDABILITY
There are no silver bullets to make housing more affordable. By adopting a comprehensive approach, we can make a difference.
To help create more housing supply, we are:
- Replacing the National Affordable Housing Agreement that provides $1.5 billion every year to the States and Territories, with a new set of agreements, requiring them to deliver on housing supply targets.
- Establishing a $1 billion National Housing Infrastructure Facility, to provide finance for infrastructure to unlock new housing supply.
- Creating an online Commonwealth land registry detailing sites that can be made available for residential development.
- Establishing a new National Housing Finance and Investment Corporation to provide long-term, low-cost finance to support more affordable housing.
- Allowing Managed Investment Trusts to be used to develop and own affordable housing.
- Providing investors in affordable housing with greater income certainty by enabling direct deduction of welfare payments from tenants, and increasing the capital gains tax discount to 60 per cent for investments in affordable housing.
To help first home buyers, we are providing a tax cut on their home deposit savings.
Our First Home Super Savers Accounts will let first home buyers save at least 30% faster than they can currently – saving for a deposit by salary sacrificing into their superannuation account (over and above their compulsory superannuation contribution).
Up to $30,000 per person (and $15,000 per year) in home deposit savings now get the benefits of superannuation – that is, taxed at 15 percent, rather than marginal rates, and withdrawals taxed at their marginal rate, less 30 percentage points.
Savers won’t have to set up another account – they can just use their existing super account and decide how much of their income they want to put aside for their home deposit.
To help older Australians (over 65) who want to downsize, we are now enabling them to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home. Providing this financial benefit for older Australians who want to downsize will help to free up housing for those who are looking for a larger home for a family.