Prime Minister Anthony Albanese has announced additional energy relief for Australians, incorporating a $150 rebate to electricity bills as part of a strategy ahead of the upcoming elections. This initiative builds on last year’s budget allocation of $3.5 billion aimed at reducing energy costs, which included a $300 rebate distributed throughout the financial year for every household.
The Albanese administration has decided to extend these subsidies until the end of 2025, with the new $150 rebates set to be applied automatically to electricity bills in quarterly installments. Albanese emphasised that supporting family budgets remains the government’s top priority. He remarked, “This is another cost of living relief measure that my Government is delivering for Australians while putting downward pressure on inflation.”
In his statements, Albanese also critiqued opposition leader Peter Dutton, claiming Dutton’s alternative to the current energy relief involves a costly $600 billion nuclear proposal, which would require cuts to Medicare for funding. According to the Treasury’s projections, the rebate scheme is expected to trim headline inflation by approximately 0.5 percentage points and lower average household bills by 7.5 per cent compared to a scenario without the subsidies.
With the rebates, the government claims electricity prices are anticipated to fall by 25.2 per cent by 2024, while without these financial aids, the reduction would have been merely 1.6 per cent. However, this extension of energy bill relief will cost taxpayers an estimated $1.8 billion.
In summary, the Albanese government is reinforcing its commitment to alleviating the financial burden of energy costs on Australian families while countering inflation, as it prepares for upcoming elections.