Yahoo Finance $300 energy bill rebates coming for all Aussie households
All Australian households will receive an energy bill rebate, Treasurer Jim Chalmers has announced.
Every Australian household will receive a $300 energy bill rebate, under a new cost-of-living measure announced in the federal budget. And there's a loophole that means some Aussies can get two.
The government will provide $3.5 billion in energy bill relief for all households and around one million small businesses. This will go straight into people’s bills, meaning households won’t receive cash but a discount instead.
More than 10 million households will receive the $300 rebate, while small businesses will get a slightly higher $325 off their bills from July 1, 2024.
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Treasurer Jim Chalmers said Russia’s invasion of Ukraine had triggered the “biggest shock to global energy prices since the 1970s” and the government had “stepped in to help”.
“Electricity prices would have risen 15 per cent in the last year if not for our efforts. Instead, they rose an average of 2 per cent,” Chalmers said.
“Tonight, I assure Australians that more help is on the way. This budget delivers $3.5 billion in new energy bill relief for everyone.
“Just as every Australian taxpayer will get a tax cut, every Australian household will get energy price relief.”
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The government said the measure will lower headline inflation by about half a per cent in the 2024-2025 financial year and won’t add to inflationary pressures.
How does this compare to last year?
Last year’s budget included up to $500 power bill relief to five million households and up to $650 relief for small businesses.
This rebate was previously only available to pensioners, veterans, seniors and concession card holders. This is different to this year’s relief, which is available to all households.
Wholesale electricity prices have fallen from their 2022 peak, with the Australian Energy Regulator finding costs dropped between 44 and 64 per cent in 2023. However, many households haven’t seen this flow through to their bills yet.
Do I get two rebates if I have multiple homes?
Aussies who own multiple properties may be able to claim more than one $300 energy rebate. But they’ll need to have their name on the bills.
It’s understood landlords with tenants won’t get the rebate twice if their tenant’s name is on the bill. Instead it will go to the tenant. But if someone has a holiday home they don’t rent out, they would pocket a rebate for this home too.
What other cost-of-living relief is in the budget?
Along with the energy bill relief, other cost-of-living relief measures announced in the budget included changes to the Stage 3 tax cuts and increase to the Commonwealth Rent Assistance Payment.
Commonwealth Rent Assistance will be increased by 10 per cent per cent. This is a fortnightly supplement of up to $250 for welfare recipients and follows a 15 per cent increase in last year’s budget.
The government revealed that inflation is expected to fall within the Reserve Bank’s target range a year earlier than the bank has forecast, dropping to below 3 per cent by the end of the year.
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