One-Off Payment To Offset Rising Costs Included In Federal Budget

The Federal budget has low and middle-income Australians flagged to receive a one-off payment to compensate for the compounding higher cost of living.

Treasurer Josh Frydenberg told the ABC on Friday, that families would be the target for budget relief, with everyday expenses like petrol, groceries, health and housing the hardest hit.

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"We fully understand that the number-one topic around kitchen tables of Australia is cost of living. And so there will be some relief in this budget," Mr Frydenberg said.

However, Mr Frydenberg said not wanting to “overheat the economy,” the compensation would only be temporary relief.

"From the start of this crisis, our economic support has been temporary, targeted and proportionate to the challenge we face."

"We haven't built in long-term structural spending; we've done what has been needed to be done. And again, that's what you'll seeing in the budget in just over a week's time," he said.

The Treasurer said the March 29 budget is expected to reveal a big deficit for 2022-23.

"So, it's been a real focus for us to keep people in working to create new jobs. I think that's been a great story"

But we've also got to deal with the cost-of-living pressures — pressures, many of which have been coming from the international situation, like the oil price," the Treasurer said.

The ABC has reported that the pencilled-in one-off Low and Middle Income Tax Offset, worth up to $1,080 a year, will be payable later in the year.

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