This week, we’ve spent hours pouring through the budget papers and asked the treasurer, finance minister and a host of other government officials questions about the decisions in the budget – from the new energy bill relief plan to what it all means for inflation.
It’s also on top of whatever energy bill rebate your state has given you – if you’re a Queenslander, that’s a whopping $1300 discount for next financial year.asked why everyone gets the rebate, and why it’s not targeted towards those who need it most. That’s because the federal government wanted to provide relief to more households than just those with concession cards, and they decided the quickest way to roll it out was to simply go through energy providers.
For everybody, the government has also frozen the maximum cost of medicines on the Pharmaceutical Benefits Scheme at a cost of $318 million. For most that means the cost of PBS-listed drugs will remain at $31.60 for this year and next, while for pensioners and concession card holders PBS medicines will remain at $7.70 for the next five years.
When the government spends more than it raises in taxes during a financial year, it runs a deficit, which it has to cover by borrowing, thereby adding to its accumulated debt at the end of the year. When it spends less than it raises during a year, it runs a surplus, which it uses to pay back some of its accumulated debt.There was huge government spending during the pandemic, which led to three financial years of big budget deficits, greatly increasing the government’s accumulated debt.
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