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Small businesses and all households will have $150 taken off soaring electricity bills as Labor emphasises hip-pocket relief heading into a pre-election budget.
Some $1.8 billion in energy rebates would automatically be applied to every residence and one million small businesses around the nation on a quarterly basis from 1 July under the plan.
It’s the second time in a year the government will roll out energy rebates after it provided $300 in relief in the 2024 budget.
The rebate would slash household bills by an average of 7.5 per cent and bring down inflation by half a per cent, according to Treasury estimates cited by the federal government.
Electricity prices are set to rise from mid-year, with the Australian Energy Regulator recommending a 8.9 per cent increase to the maximum amount customers can be charged in certain parts of the country.
“We are going to take a further $150 right off your power bill because helping your family budget is our number one priority,” Prime Minister Anthony Albanese said.
“This is another cost-of-living relief measure that my government is delivering for Australians while putting downward pressure on inflation”.
The government talked it up as immediate relief before wider electricity reforms kicked in, with the consumer watchdog’s inquiry into the National Electricity Market extended by 12 months.
The federal budget will be handed down on Tuesday evening, with Opposition Leader Peter Dutton due to reveal his “positive plans” for the nation in his reply on Thursday.
“There is a much better way to manage our economy, to help families, to help small businesses grow, to help our economy thrive, to keep Australians safe,” Dutton told reporters.
“That will be detailed in the budget in reply speech, and in other announcements that we’ll make in the run-up to the election”.
The election must be held by 17 May and the prime minister is widely expected to call the vote in the days after the budget is handed down.
