Households struggling with sky-high power bills could soon be getting a helping hand, thanks to the cost-of-living relief outlined in the 2023-24 Federal Budget.
The government has allocated $14.6 billion to help Aussies manage rising household expenses, with up to $3 billion earmarked towards energy rebates for eligible homes and businesses.
Vulnerable households will have up to $500 wiped from their power bills in the next financial year, while small businesses will be eligible for $650 in bill relief.
Am I eligible for the budget’s energy relief plan?
Energy bill relief will be available to over five million households considered ‘most in need’.
Prior to the budget announcement, Treasurer Jim Chalmers told News.com.au that energy bill relief would be open to pensioners, Commonwealth Seniors Health Card holders and families receiving income support, including the Family Tax Benefit A and B.
You may be eligible if you are a primary or named energy account holder, and are:
- A concession card holder
- Receiving a family and/or carer’s payment
- Receiving electricity concessions under current schemes in your state or territory
Qualifying households will receive one bill relief rebate, regardless of the number of eligible residents.
How much money can I get off my power bill?
Eligible homes will have up to $500 applied directly to their power bills in the next financial year, offering much-needed relief for families dealing with winter or summer heating expenses. However, the maximum energy rebate will vary depending on your state or territory.
Qualifying customers in New South Wales, Victoria, Queensland, South Australia and Tasmania will receive up to $500 towards electricity or gas bills. But households in Western Australia, the Northern Territory, and the Australian Capital Territory will only be eligible for rebates of up to $350.
Rebates will begin from July 1, 2023, and should be automatically applied to the power bills of eligible residents.
Am I eligible for any other rebates or discounts?
Even if you’re not included in the budget’s power bill rebate scheme, you may be eligible for other energy discounts and credits. Each state or territory government offers a range of electricity and gas rebates to selected residents including low-income earners, pensioners, veterans and customers with specific medical needs.
Some residents may also qualify for one-off energy bill payments in their state, such as the $250 Power Saving Bonus in Victoria.
If you’d like more information on the concessions and rebates available in your state, you can check out the following Canstar Blue guides.
Compare cheap electricity plans in your state
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3911kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4613kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4011kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
What other energy relief measures are included in the budget?
During the Budget Speech 2023-24, Mr Chalmers said this latest round of energy bill relief will boost existing policies implemented by the government to ease power costs.
“Back in November, gas bills were set to go up by 20 per cent in 2023-24 – and electricity bills were set to rise by 36 per cent.
“Because of our policies, electricity price increases are expected to be around 25 percentage points less than what was projected – and 16 percentage points less for gas.”
While direct bill relief will offer immediate support to homes doing it tough, the budget also includes long-term investment in energy efficiency.
The government has allocated $1.3 billion towards providing low-cost loans for households needing energy upgrades, such as solar panel installation and window double-glazing. You can find more information on this initiative here.
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