Federal Budget 2024: When Will You See Savings Through Energy Bill Relief?

Federal Budget 2024: When Will You See Savings Through Energy Bill Relief?

As you’ve likely heard by now, the 2024-25 Federal Budget has brought with it new energy bill relief rebate, which intends to help support Aussies doing it tough. Here’s a simple guide to what’s happening in electricity and who is eligible for additional support.

Federal Budget 2024: What energy bill rebate was announced?

In the 2024-25 Federal Budget, Treasurer Jim Chalmers announced that every household in Australia would be treated to $300 in energy bill relief.

From July 1, 2024, over 10 million households will receive the $300 energy rebate. Additionally, approximately one million small businesses will get a $325 rebate on electricity bills for the year.

In a statement on the update, the government said:

The Government is providing $3.5 billion in energy bill relief for all Australian households and around one million small businesses.

…This is estimated to directly reduce headline inflation by around 1/2 of a percentage point in 2024–25 and is not expected to add to broader inflationary pressures.

In his Budget speech, Dr Chalmers pointed to increases in electricity bills being felt across Australia and shared that “this Budget delivers 3.5 billion dollars in new energy bill relief – for everyone. Just as every Australian taxpayer will get a tax cut, every Australian household will get energy price relief.”

How to get the energy relief rebate

Per the ABC, the way this rebate will work is that Australian states and territories, along with energy retailers, will be responsible for providing rebates or credits for energy bills. This, the outlet explained, is likely to be divvied up according to how regularly you are billed for your energy service.

We’ll be sure to update this piece once we know more on the details.

Who can access support for electricity prices now?

Presently, the government offers an Energy Supplement program. It, too, can help certain Aussies with hefty electricity prices.

Per the Services Australia website, you can access the support service if you live in Australia and get either:

  • an income support payment
  • ABSTUDY Living Allowance

People who became eligible for either the Family Tax Benefit or Commonwealth Seniors Health Card on or before 19 September 2016 may also be eligible.

Payment rates vary depending on what support service you are eligible for. For example, If you get a Pension, individuals (single, including illness separated, respite care or partner in prison) will receive $14.10 per fortnight. Partnered pensioners receive $10.60.

If you’re on a Parenting Payment, you’ll receive $12.00 each fortnight if you’re single and $7.90 each fortnight if you have a partner.

You can learn more about that (and other rates) here.

How to find more energy relief support in Australia

In addition to this, you can search through your local Savings Finder platform (VICNSWACTWAQLDTASNT, SA) to see if other energy relief programs are suitable for you and your loved ones.

For example, in NSW right now, the NSW Family Energy Rebate is available to help support families with dependent children to cover energy costs. The rebate offers up to $180 per household each financial year.

If you’re eligible, you may also receive a one-off National Energy Bill Relief Household Payment of up to $500 in the 2023-24 financial year (not long to go!).

Applications for this support program close on Sunday, June 16 2024. Move quickly if you’re interested.

We’ll keep an eye out for any additional updates you may need to know about here, but in the meantime, you can read up on other available support payments in Australia here.

Lead Image Credit: NBC/iStock

This article has been updated since its original publish date.

The Cheapest NBN 50 Plans

Here are the cheapest plans available for Australia’s most popular NBN speed tier.

At Lifehacker, we independently select and write about stuff we love and think you'll like too. We have affiliate and advertising partnerships, which means we may collect a share of sales or other compensation from the links on this page. BTW – prices are accurate and items in stock at the time of posting.


Leave a Reply