The 2024 Federal Budget included $3.5 billion to extend and expand the Energy Bill Relief Fund and provide energy bill rebates for every Australian household, in line with their focus on cost-of-living measures. This includes an energy bill relief for every household and small business.

From 1 July 2024, the following one-off rebates will be applied to energy bills:

• $300 to all Australian households

• $325 to eligible small businesses

This measure applies to all, unlike last year's announcement which was targeted at social security recipients only.

The payment will be split into 4 quarterly instalments of $75, which will be applied directly to the energy bills of eligible recipients.

Impact of the announced cost-of-living measures

For Example

Jeremy and Sarah both work full time, earning $75,292 and $60,000 per annum respectively. They have two children, aged two and three, who both attend long day care three days a week.

Under the Federal government's announced changes, they will receive a combined tax cut of $2,740 and an additional $2,430 in Child Care Subsidy. They will also receive $300 in energy bill relief in 2024-25. Their net benefit from these changes is $5,470, equivalent to a 5.5% increase in their disposable income.

Contact us to understand how these changes apply to you

Please contact our office to talk about how these announcements benefit you, your family and your business.