Cash splash for 10million Australians struggling with the cost of living and soaring petrol prices

More than 10 million Australians could be given extra cash to help ease the blow of soaring petrol prices and the cost of living.  

Josh Frydenberg revealed that Aussie workers who make up to $126,000 a year will be eligible for a special cost-of-living support package.  

The Treasurer said the temporary handout to be announced in this month’s annual budget would either be available through the tax system or supplements with the final details to be yet ironed out.

‘Low and middle-income earners will benefit from our initiatives in the budget,’ Mr Frydenberg told The Australian.

He added that average wage earners had been ‘feeling the pinch’ as the price of goods and services soars following the Covid pandemic and the Russian invasion of Ukraine.  

The move comes as five million pensioners and welfare recipients also received a boost to payments this week with singles to get an extra $20 a fortnight and couples up to $30. 

The pay hike is to cover inflation despite a forecast surge in public debt beyond the $1trillion mark, for the first time ever, to finance the costs of the pandemic. 

The Treasurer said the nation is in a strong economic position on the heels of the Covid crisis, but warned Australia was not immune from ‘international upheaval’.

The OECD on Friday downgraded global growth forecasts by one per cent fearing fallout from conflict in Europe would hinder business sentiment worldwide. 

Petrol prices have soared across Australia to over $2 a litre following Russia’s invasion of Ukraine (pictured, record high prices in Sydney)

The cost of food and goods has also risen as inflationary pressures continue in the wake of the Covid crisis (pictured, a shopper in Queensland)

Despite the grim outlook, Australia’s unemployment rate is expected to fall below four per cent with the number of people relying on welfare payments to rapidly decline.

More than 1.62 million people were claiming welfare benefits at the peak of the Covid pandemic, the number has since dropped to 961,000.

Mr Frydenberg said it’s a great sign for the Australian economy. 

‘Some economists would call it full employment today,’ he said. 

That lower welfare bill is not only good news for the budget, it’s good news for society.’

More than 1.62 million people were claiming welfare benefits at the peak of the Covid pandemic, the number has since dropped to 961,000

The Treasurer also announced a new ­$47million ReBoot employment program to help around 5,000 struggling 15 to 24-year-olds get back to work.

‘Young people were hit hard at the start of the pandemic, they faced the biggest economic shock in many respects,’ Mr Frydenberg said. 

‘We need to target these young people, and build up their skills and their self-esteem so they can get back into the workforce. I think now’s the time to do that when there are lots of jobs available.’