Four positive news stories for your budget

It’s fair to say the past few weeks have delivered no shortage of concerning headlines. Rising global tensions, higher prices and softer economic forecasts have created understandable uncertainty for many Australians.

But it’s not all negative. There are several recent developments that could ease cost-of-living pressure and give consumers something more positive to focus on.

A few changes that could make a difference

Across multiple areas of household spending, we’re starting to see measures that may put money back into people’s pockets:

• Credit card surcharges are being banned – meaning consumers will no longer be penalised for using their card for everyday purchases. That extra 0.5 - 1.5% you have been paying for tapping your card at the register will be gone by October.
• Fuel excise has been discounted again – helping to reduce petrol prices. The government has halved the fuel excise (which is the tax it charges) by 26.3 cents per litre for three months.
• Electricity prices are forecast to fall (or already have) – with increased renewable supply and stabilising wholesale markets expected to flow through to lower bills. The amount it will decrease varies depending on where you live but can be up to 10%.
• Some states are trialling free public transport – offering temporary relief for commuters and families managing rising costs. We’re waiting to see if other governments roll out similar relief.

While each of these changes on its own may seem modest, together they represent a shift in the right direction.

A reminder to keep perspective

Periods of uncertainty are part of the economic cycle. While global events can influence short-term conditions, local policy settings and market adjustments often work to balance these back in ways to support households.

These recent changes are a good example of that balancing effect.

While the cost of living is biting, this can be a good time to review your household finances. If you haven’t checked your loan for a while, reach out to see if you could be saving. It’s a free chat that could potentially save you thousands. Also consider subscriptions and compare providers including electricity and internet to see if you could be saving.

In this climate, every saving counts.