Workers in Australia may be eligible for a one-time payment to assist offset the effects of increased living costs.
It comes as the country’s jobless rate has dropped to a fresh 13-year low, fueling hopes that the Reserve Bank of Australia will hike the cash rate sooner rather than later, according to economists.
Households struggling to make ends meet are being squeezed by record gasoline prices and growing living costs.
However, assistance may be on the way.
As the government finalises the Federal Budget ahead of March 29, it is expected that one-off incentives will be provided to Australian wage earners to help cushion the impact.
The incentives are expected to be paid through current government services, such as the Australian Tax Office, with monies placed straight into bank accounts prior to the May election.
Benefit recipients and retirees are likely to be left out.
During an appearance on Sunrise, Treasurer Josh Frydenberg was tight-lipped about the proposal, but said the government “will be taking initiatives to address cost of living pressures.”
”I can’t answer that question about what’s in or out of the budget,” he said on Friday. The delight is in the details.
“There are some temporary, targeted responses that we can make that can help alleviate the cost of living, and that’s what you’ll see in the budget in just over a week’s time.”