Every worker will see extra money in their pocket as the stage three tax cuts take effect. However, as the rising cost of living continues to impact many, this financial boost offers little relief. There are concerns that increased spending could further drive up inflation.
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00:00Australians are crunching the numbers.
00:05$1,600. With everything else that's gone up, that would represent the increase in one insurance bill.
00:13So it's going to have minimal impact on me.
00:16Like a few grand, that's nothing to turn your nose up at.
00:19It'll be one quarter of our electricity bill and that's it.
00:24From tomorrow, more than 13 million Australians will get a tax cut.
00:29Workers receiving the median wage will get roughly $1,300 extra back over the year.
00:35And for the average full-time worker, they'll pocket around $2,000.
00:40This is all about ensuring that Australians earn more and keep more of what they earn.
00:46But many aren't convinced as they attempt to scrimp and save.
00:50But I don't know that it's going to help us that much.
00:52I'm very sceptical. I honestly doubt that it's anything more than a gesture than an answer to any of our problems.
01:00Rising inflation being a major one for the Federal Government.
01:04But the Treasurer maintains his suite of cost of living measures will drive it down.
01:09Also beginning July 1, every household will receive $300 off their energy bills,
01:16a freeze on PBS medicines and a 10% increase to Commonwealth rent assistance.
01:22While Australia's lowest paid workers will see minimum wage increase to just over $24 an hour.
01:29The cost of living measures come as little comfort to many as the prospect of another interest rate rise looms.
01:35Some economists are even predicting a second hike before they come down.