Major Baysider Benefits in the 2024 Federal Budget

Joan Pease MP • 2024-05-18

The Federal budget follows our lead on investment in cost of living support on power bills and in clean economy jobs.

Key Points:

$300 off electricity bills, taking the total reduction to $1,300

Average tax cuts of $36 a week and up to $70 more per fortnight in rent assistance

$3.4B to add more medicines to the PBS to make healthcare more affordable

Our upcoming State budget will deliver more of the cost of living support that’s needed now along with support for good jobs for our future. There’s now another $300 off power bills for Queensland households next financial year on top of the $1,000 rebate our government is providing. Small businesses will now receive rebates of $650 off power bills next financial year when combined with our support. The cut in taxes of $36 a week on average for workers will make a big difference. Up to another $70 a fortnight for renters through Commonwealth rent assistance is critically needed to keep families off the street. The cost of medicines is an issue impacting on so many families and freezing the maximum cost of PBS prescriptions for everyone and $3.4 billion to add new life-saving medicines to the PBS including for breast cancer will save lives and help take pressure off our hospitals. The commitment to back Direct Sunshine Coast Rail ($2.75b) unlocks more housing as will another $6.2 billion nationally for the $32 billion Homes for Australia plan which continues to be opposed by the LNP. And Queensland stands to be the big jobs winner from the $22.7 billion Future Made in Australia Policy. With $19.7 billion in production tax credits to support renewable hydrogen, green metals, low carbon liquid fuels, critical minerals and battery manufacturing. These are all industries where Queensland is emerging as a national leader backed by our 75% emissions reduction target by 2035 and our nation leading renewable energy and jobs plan. We have already heard that the Federal LNP will oppose this investment into Queensland’s economy and regional jobs, and we know they don’t really believe in providing cost of living relief to Queenslanders.