$300 credit for Aussie families
$300 credit for Aussie families
Every Australian household will be getting a $300 energy bill rebate as part of the Albanese government’s efforts to address the rising cost of living.
The power bill relief was announced as treasurer Jim Chalmers handed down his third budget on Tuesday, with the government allocating $3.5billion for the rebate.
From July 1, all households will see a $300 credit automatically applied to their electricity bills, while a million small businesses will also receive $325 off their bills.
The credits will be applied in quarterly instalments.
Dr Chalmers said: ‘Every household will now get energy bill relief under the Albanese Government.’
The measure wouldn't add to inflation but rather put downward pressure on it, Dr Chalmers explained.
‘Treasury estimates this will directly reduce headline inflation by around half of a percentage point in 2024– 25 and is not expected to add to broader inflationary pressures.’
The Albanese government made an election commitment to reduce household energy bills by $275 – a promise which has not yet been achieved.
Dr Chalmers cited international crises as the reason for soaring power prices, but gave every voters a new promise: ‘More help is on the way.’
He said: ‘In 2022, Russia’s invasion of Ukraine triggered the biggest shock to global energy prices since the 1970s.
‘We know Australian families and businesses have felt this pain – and that’s why we have stepped in to help.’
Along with the power bill rebate, the Albanese government will also implement regulatory changes so consumers can switch to a better energy deal with just ‘one click.’
These changes will stop contracts automatically rolling over to higher-cost deals, ensure people receive the concessions and rebates they are entitled to, and reduce excess fees and charges, Dr Chalmers said.
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