An election promise will see power rebates of $150 to reduce the cost of energy price rises extended for Australians for an extra six months.
If reelected in the federal election due within two months, Labor will give two further $75 reductions to power bills in the last two quarters of the year.
Before the 2022 election, Anthony Albanese promised to bring down the price of power by $275, but this has been called a failure by the Opposition.
The previous rebates were worth $300 for households, with a $325 rebate for eligible small businesses.
The Government said world events such as the Russia-Ukraine war were to blame for prices rising so much that the rebate did not reduce prices as much as expected.
The rebates that started on July 1, 2024 were due to expire in July, 2025 but will now be extended until the end of the year if Labor retains power.
‘We are going to take a further $150 right off your power bill because helping your family budget is our number one priority,’ the Prime Minister told news.com.au.
‘This is another cost of living relief measure that my government is delivering for Australians while putting downward pressure on inflation.
An election promise will see power rebates of $150 to reduce the cost of energy price rises extended for Australians for an extra six months. Stock image
‘Peter Dutton opposed the $300 energy bill relief to households. His only plan for energy is a $600 billion nuclear scheme that he will cut Medicare to pay for.’
The power bill rebates will ultimately cost taxpayers $1.8billion.
They will work by automatically giving a credit on household electricity bills, starting in July.
The plan will bring some welcome relief to householders whose power bills are expected to rise by up to $200 a year, according to the Canstar Blue price comparison site.
Canstar director Sally Tindall said the coming price rise will be a ‘sucker punch’ during the ongoing cost of living crisis.
‘Electricity price rises impact pretty much everyone, but they hurt those on lower incomes the most as these households are shelling out more of their income to keep the lights on,’ she said.
The Australian Energy Regulator said household power bills could rise between 2.5 and 8.9 per cent depending on where a customer lives.
Small businesses could see rises of between 4.2 and 8.2 per cent in the coming year.
If reelected in the federal election due within two months, Labor will give two further $75 reductions to power bills in the last two quarters of the year. Stock image
Before the 2022 election, Anthony Albanese (pictured) promised to bring down the price of power by $275, but this has been called a failure by the Opposition
Treasurer Jim Chalmers said the power rebate extension is expected to reduce headline inflation by around 0.5 per cent in 2025.
It would also bring household bills by 7.5 per cent on average nationally, he said.
The Government said the rebates have reduced electricity prices by 25.2 per cent in 2024, but would have fallen just 1.6 per cent without energy rebates.
‘We are providing immediate relief on energy bills now while we continue to progress the overdue reform needed to deliver the modern, affordable and reliable energy grid Australians deserve,’ Mr Chalmers said.
‘Our economic plan is all about finishing the fight against inflation, providing responsible cost of living relief and building a stronger and more productive economy.’
Shadow Energy Minister Ted O’Brien previously slammed Labor over the energy price promise that didn’t happen.
‘Despite promising a $275 reduction in household electricity bills, Australians are paying some of the most expensive power bills in the world and there is no reprieve in sight,’ he said.
‘Labor’s energy crisis has pushed many Australians to the brink with 550 households plunging into hardship arrangements due to their energy bills every single week under the Albanese government.’
‘This is a direct consequence of Labor’s ideological, all-eggs-in-one-basket “renewables only” approach which is ripping out 90 per cent of Australia’s reliable 24/7 baseload energy over the next decade without a replacement.’
