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The 2023 budget, described as the "people's budget" by Prime Minister Marape, allocates 590 million Kina for cost of living relief. Key components include tax cuts of 63 Kina per fortnight for individuals earning over 20,000 Kina per year, achieved by raising the tax-free threshold to 20,000 Kina at a cost of 280 million Kina. Additionally, 150 million Kina is designated to reduce fuel prices by eliminating excise taxes until June 30, 2023, lowering petrol by approximately 61 Toya per liter and diesel by 23 Toya per liter. Furthermore, 160 million Kina is set aside for removing school fee project costs, particularly benefiting rural families. This budget marks the first household assistance scheme in Papua New Guinea’s history.
