Aussies will get energy-relief plan next week

·2-min read
Australian Money and electricity power lines. Energy bills concept.
Energy bill relief could be coming soon, with the Government set to announce subsidies as part of its plan. (Source: Getty)

Aussies could be getting energy bill relief soon, with the Federal Government putting the final touches on its plan ahead of next week’s Cabinet meeting.

Prime Minister Anthony Albanese will propose a package to ease rising bills when the national leaders meet next Wednesday.

The Government is currently consulting with the energy sector and manufacturers, and is reportedly considering a temporary subsidy, but further details are yet to be announced.

"We have a sense of urgency but we also have the sense of making sure that we get it right and get the detail right,” Albanese said on Monday.

"These issues are not simple because of the different ownership structures, because of the different sources of energy, because of different powers that exist between the commonwealth and state and territory governments.”

The Government has been aiming for a Christmas deadline to announce the energy package.

Energy bills soar

The Federal Budget estimated a 50 per cent increase to energy bills over the next two years, with a 20 per cent hike predicted in late 2022 and a further 30 per cent increase in 2023/24.

According to data from Finder, the average quarterly power bill for a family with two children is currently $392, or $1,568 per year.

If energy bills rise a further 30 per cent, families could be slugged with an extra $117 a quarter, or about $470 more a year.

Minister for Government Services Bill Shorten said Aussies would be doing it “tough for a while” and said it was unlikely they would see their energy bills reduced by $275, which was previously flagged by the Government.

“We’re doing everything we can to decrease energy bills,” Shorten told Nine.

“Of course, the promises were made before the election, before Putin invaded Ukraine – that’s certainly up-ended things.”

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.