The NSW government's 2023 budget offers mixed benefits for parents, with younger families benefitting more according to Compare Club's Head of Research & Insights, Kate Browne, while changes to the energy rebates are welcome but won't help many households as we head into a hot summer
Kate's comments can be read below. Please attribute all quotes to Compare Club Head of Research & Insights Kate Browne.
What does the NSW government 2023 budget mean for families?
“While there is some good news for families with very young children, the NSW budget isn't offering much relief for parents and carers with school aged children who are struggling with the cost of living.
"We know families in NSW are doing it tough as the cost of living crisis continues to bite. With the rising cost of groceries, petrol, and housing, parents are already struggling to make ends meet.
"Cutting the creative kids and active kids vouchers and restricting them to fewer eligible families means many children may miss out on their team sports, art or dance classes and even swimming lessons as parents struggle to manage their tightening household budgets."
Will the NSW government's changes to coal royalties help with the cost of energy bills?
“The NSW Government has committed to raising $2.7 billion by hiking coal royalties to rebuild essential services, however many Australians are concerned this will have a knock on effect on people's energy bills.
"As the ACCC has already confirmed, Australians should be seeing price hikes between 20 - 25% in their energy bills this year - it's concerning that the people of NSW may risk even higher bills to come."
Will the changes to the energy rebate in NSW help people reduce the cost of their energy bills?
Context: The NSW Government is providing an additional $100 million to support families and households with their energy bills from July 2024 with an increase in the range of electricity rebates available to eligible households.
This will provide energy cost relief to eligible concession card holders including low-income households, pensioners, self-funded retirees, veterans, families, and people with certain medical conditions.
Kate Browne's commentary:
“While these rebates are welcome, many people need energy bill relief immediately and waiting until winter next year won’t help those who are already struggling right now with their bills. Our energy experts are predicting that bills will shoot up even higher as we roll into a predicted scorching summer.
"We'd urge consumers to shop around for the best deal possible, because there are plenty of savings to be made. We estimate that people in NSW can save up to $480 a year by comparing and switching to a better energy deal.”