It seems bizarre that anyone would think that reducing public transport fares is a good way to reduce cost of living pressures. It's not going to get people out of their cars because it's a minor saving on the already huge savings of not driving.
So this becomes a handout to people that can already take public transport.
$150 million could get you a lot of extra services. Either expanding services to places not currently catered to or expanding frequency on exisiting routes.
If you want people out of cars and on to public transport then accessibility, convenience and flexibility are what you need to target. Affordability isn't as important because public transport is already always cheaper than the alternative.
Queensland to slash public transport fares to 50 cents for six months from August. A brave experiment, Premier.
Prediction: It's never as simple as they claim. We'll probably see heavy use/crowding on the services with useful, usable timetables. Little difference on the services and in the suburbs and towns where PT is slow and infrequent - in those areas almost everyone will keep driving. https://statements.qld.gov.au/statements/100402#Queensland#PublicTransport