One-off $250 cost of living payment
The Government will make a $250 one-off cost of living payment in April 2022 to six million eligible pensioners, welfare recipients, veterans and eligible concession card holders.
The $250 payment will be tax-exempt and not count as income support for the purposes of any Government income support. A person can only receive one economic support payment, even if they are eligible under two or more of the eligible categories.
The payment will only be available to Australian residents who are eligible recipients of the following payments, and to concession card holders:
- Age Pension;
- Disability Support Pension;
- Parenting Payment;
- Carer Payment;
- Carer Allowance (if not receiving a primary income support payment);
- Jobseeker Payment;
- Youth Allowance;
- Austudy and Abstudy Living Allowance;
- Double Orphan Pension;
- Special Benefit;
- Farm Household Allowance;
- Pensioner Concession Card (PCC) holders;
- Commonwealth Seniors Health Card holders; and
- eligible Veterans’ Affairs payment recipients and Veteran Gold card holders.
Temporary reduction in fuel excise
The Government will reduce the excise and excise-equivalent customs duty rate that applies to petrol and diesel by 50% for six months. The excise and excise-equivalent customs duty rates for all other fuel and petroleum-based products, except aviation fuels, will also be reduced by 50% for six months.
The Treasurer said this measure will see excise on petrol and diesel cut from 44.2 cents per litre to 22.1 cents. Mr Frydenberg said a family with two cars who fill up once a week could save around $30 a week, or around $700 over the next six months. The Treasurer made a point of emphasising that the Australian Competition and Consumer Commission (ACCC) will monitor the price behaviour of retailers to ensure that the lower excise rate is fully passed on.
The measure will commence from 12.01 am on 30 March 2022 and will remain in place for six months, ending at 11.59 pm on 28 September 2022.