In the recent Victorian budget, Treasurer Jaclyn Symes unveiled a significant $2.3 billion cost-of-living support package aimed at easing financial pressures for residents. This marks Symes’ initial budget as treasurer, and she emphasised the government’s commitment to being fiscally responsible while providing tangible assistance to families grappling with rising living costs.
Among the key initiatives is a one-time $100 power saving bonus for concession card holders, which is expected to benefit many eligible Victorians. This initiative will cost the government approximately $50 million and will be accessible through the Victorian Energy Compare website later this year. This follows a previous $250 power saving bonus aimed at encouraging households to assess their energy options, which concluded in August 2023. Furthermore, a federal government rebate of $150 on energy bills is set to commence on July 1, further extending relief through the end of the year.
The budget also allocated $320 million to provide free public transport for individuals under the age of 18, as well as free statewide public transport for seniors during weekends. This investment aims to alleviate some of the burden of transport costs for families and older residents alike.
Additional provisions in the budget include the introduction of 27,000 hot water rebates for households that install electric heat pumps or solar hot water systems. There is also an $18 million allocation designed to enable pharmacists to treat more Victorians, which could save families both time and money typically spent on GP visits.
Support for family education is underscored with an investment of $1.3 billion aimed at assisting families with children in school or kindergarten, along with TAFE students. This initiative encompasses free kindergarten education, potentially saving families up to $2,600 per child annually, and the distribution of over 65,000 “Get Active Kids” vouchers valued at $200 each.
An additional $150 million has been earmarked to enhance the Camps, Sports and Excursions Fund, providing $400 to about 200,000 children in families with a health care or concession card. Lastly, another $61 million will be allocated to maintain reduced stamp duty for off-the-plan apartments, units, and townhouses for an extended period of 12 months.
Collectively, these measures reflect a concerted effort by the Victorian government to extend financial relief across various demographic groups, facilitating savings on energy, transport, and education as part of a broader strategy to address the rising cost of living in the state.
