CANBERRA, Mar 23 (NNN-AAP) – The Australian government announced an extension of energy rebates, offering households and small businesses an additional 150 Australian dollars (around 94 U.S. dollars) in electricity bill relief from July 1.
The measure, costing 1.8 billion Australian dollars (1.13 billion U.S. dollars), will run until the end of this year, as part of the ruling Labour government’s broader cost-of-living strategy, automatically applied to users’ electricity bills in quarterly installments, in addition to the existing rebates already in place, the ruling party said in a statement, today.
Treasury estimates the extension will lower headline inflation by about half a percentage point this year, and reduce household electricity bills by an average of 7.5 percent, compared to bills without the rebate, according to the statement.
Last year, power prices dropped by 25.2 percent, whereas without the rebates, the decline would have been just 1.6 percent, the Labour statement cited the Australian Bureau of Statistics as saying.
Treasurer, Jim Chalmers, said, the move provides much-needed relief, while keeping power prices lower than they would be without government intervention, according to the Australian Broadcasting Corporation (ABC).
Prime Minister, Anthony Albanese, emphasised the policy’s role in easing inflationary pressure and reaffirmed Labour’s commitment to supporting household budgets.
Labour originally promised to cut power bills by 275 Australian dollars (172.51 U.S. dollars) annually, in the 2022 election but has since faced criticism as energy costs surged due to global market pressures. The government argues its energy bill relief has effectively reduced household expenses, despite the price hikes, ABC reported.
Chalmers will unveil his fourth budget on Tuesday.
Labour had initially planned for an Apr 12 election, but delayed it due to Cyclone Alfred, according to the ABC.– NNN-AAP
