$300 relief: All Aussie households promised energy bill rebate
Every Australian household will be offered what could be a financial lifeline later this year, with the Federal Government promising a $300 relief payment.
This year’s payment is smaller but it’s already being slammed by commentators, with many claiming the measure should have been means tested so as to ensure support for those who most need it.
The rebate won’t come in the form of cash.
Rather, it will be applied to Australians’ electricity bills in the form of a credit and will come in quarterly instalments.
The first instalment will be provided in July 2024.
The rebate appears to have been designed as a way to provide cost-of-living relief without fanning inflation.
“The ABS has shown how cutting energy bills directly … keep[s] downward pressure on inflation,” Treasure Jim Chalmers told the nation on Tuesday night.
Treasury estimates show the rebate can be expected to reduce headline inflation by around 0.5% this financial year.
It’s a move that has worked in the past.
The latest Australian Bureau of Statistics inflation data showed that electricity prices have risen 3.9% since the June quarter of last year.
That rate of growth would have been notably higher – at 17% – if not for the Federal Government’s previous $500 rebate.
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Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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Harry O'Sullivan
Denise Raward
Alex Brewster
