Amid the ongoing cost of living strain on Australian households, the Queensland government has launched an ambitious initiative in the hopes of alleviating some of the financial burdens experienced by residents across the state.
The historic package, worth a staggering $1.48 billion, aims to provide substantial relief to Queenslanders who may be affected by the energy price increase coming into effect next month.
As part of this year’s State Budget, every household will receive a $550 rebate on their electricity bills throughout 2023-24.
About 600,000 concession holders will also benefit from a cost of living rebate of $700.
The elderly and those classified as vulnerable households will also be provided with an additional $372 rebate from the ongoing Queensland Electricity Rebate Scheme resulting in a total support amount of $1,072 for the upcoming year.
“This $550 cost-of-living relief will go a long way to help Queenslanders feeling the financial pinch, while our most vulnerable will be further looked after during this tough economic climate,” Queensland Premier Annastacia Palaszczuk said.
According to Palaszczuk, Queensland’s electricity providers will implement the credits automatically on a quarterly basis, starting from July 1, 2023.
The exact timing of these credits will vary depending on the system requirements of individual retailers and their billing cycles.
However, it is important to note that eligibility for the relief is based on customers receiving a separate electricity bill. Those who do not receive a separate bill, such as those whose electricity is included in their rent, will not be eligible to receive the payment.
While the money-saving measures are no doubt welcomed by many Queenslanders, the announcement of the energy bill relief comes weeks after the Australian Energy Regulator confirmed that from July 1, homes can expect to see their bills rise by 25 per cent, affecting over 600,000 customers across NSW, South Australia, and southeast Queensland.
Residents in NSW can expect to see a price increase of $440 to $594 annually, while southeast Queensland may be paying an additional $402. Those in South Australia could see their prices increase to $511.
Although the rising cost of living shows no signs of slowing down, there are certain things you can do to make your hard-earned money last longer.
One of the best ways is to understand and take advantage of the energy concessions you are entitled to.
To discover the energy concessions that are available in your state and to learn more about further discounts available in areas such as transportation and health, download the free Starts at 60 2023 Seniors Concessions Guide today.