More than five million households and one million small businesses will be eligible for Energy Price Relief Rebates from July 1, as part of the Albanese Labor Government's responsible and targeted plan to reduce cost-of-living pressures.
The Energy Price Relief Rebates will provide responsible and meaningful energy bill relief and help ease the pressure on families and small businesses.
These rebates, led by the Albanese Government and co-funded by the states and territories, will directly reduce electricity bills for eligible households and businesses and are expected to reduce inflation by one quarter of a percentage point in 2023-24.
When combined with the Government's earlier market interventions to limit coal and gas price increases, they are expected to reduce inflation by three quarters of a percentage point in 2023-24.
Rising power prices are among the biggest burden on Australian families and Australian businesses.
The Energy Price Relief Rebates will take the sting out of power price rises in late 2023 and early 2024 when these increases are expected to be most acute.
As agreed by states and territories, jurisdictions facing the highest power price rises will contribute more funding to deliver slightly more generous relief to households.
Pensioners, veterans, seniors and other concession card holders, as well as recipients of the Carer Allowance, Family Tax Benefit, and anyone eligible for existing state and territory electricity concession schemes will be eligible for the rebate.
A $250 Commonwealth rebate will be available to eligible households in the following jurisdictions, delivering $500 in power bill relief in total (including state contributions):
- NSW
- Victoria
- Queensland
- South Australia
- And Tasmania
A $175 Commonwealth rebate (generally $350 in total bill relief) will be available to eligible households in:
- Western Australia
- Northern Territory
- The Australian Capital Territory
A $325 Commonwealth rebate will be available to eligible small businesses in each state, which will translate to a $650 benefit for small businesses in states that have matched the relief.
Eligible households that receive existing state and territory rebates will have this new rebate applied to their bill automatically from 1 July 2023.
Energy Price Relief Rebates will be administered by state and territory governments.
Faced with skyrocketing power prices as a result of the Russian invasion of Ukraine along with a decade of energy policy chaos under our predecessors, we made a decision that we weren't going to do nothing while hardworking Australians suffered.
That's why we recalled the Parliament in December to legislate $1.5 billion worth of power price relief – relief the Liberals and Nationals voted against.
We also acted to cap coal and gas prices, which has seen wholesale electricity prices fall by around 50 per cent since October.
We recognise that Australians are doing it tough right now.
We thank the Premiers, Chief Ministers, Treasurers and Ministers from across the nation for working collaboratively with us in the best interests of all Australians.
This goes to show what we can achieve when both levels of government – regardless of politics – working together in good faith.
The Energy Price Relief Rebates are part of the Albanese Government's plan to provide responsible and targeted cost-of-living relief to Australians.
For more information, visit Energy Bill Relief Fund.