Every Australian household will get a reduction in their electricity bill after the federal budget was announced last night and here's what you need to do to claim it.
You will see $300 in credit automatically applied to the energy bills for your household from July 1. In real terms, that will lower each quarterly bill by $75.
There won't be a cheque in the mail or more money in the bank - the money will simply be taken off household bills as part of a $7.8bn cost-of-living relief package included in the budget.
The credit will be applied directly to households, not individuals.
Treasurer Jim Chalmers said the credits will be applied in quarterly instalments, with $3.5 billion set out for the initiative.
He estimated the payments will reduce headline inflation by around half of a percentage point in 2024-25 and won't to add to broader inflationary pressures.
Household bills will be 17 per cent lower on average compared to last year, with more than more than 10 million household eligible for the payment, the government said.
The last energy bill rebates have reduced inflation according to ABS data, Dr Chalmers said.
He claimed that electricity prices would have risen 14.9 per cent without the energy bill rebates, compared to the actual two per cent rise in the year to the March quarter 2024.
Around one million small businesses will also receive $325 off their bills over 2024-25.
The measure expands the energy bill relief rolled out to households and small businesses in 2023-24.
And for renters, the maximum Commonwealth Rent Assistance rate will increase by 10 per cent for all payments.
Singles will get up to $18.80 per fortnight, while families with children may receive up to $25.06 more per fortnight.
