Australians found out last night that every single household will get $300 off their power bill.would help everyone struggling with cost-of-living pressures, while also reducing inflation.What is the $300 energy rebate?
For those who get more frequent bills, a $75 credit will also be applied to their account each quarter. So for someone who pays monthly, they’ll receive a credit for roughly every third bill. If that bill is less than $75, the remaining credit will carry over onto the next bill.But what about if you own a home and a separate holiday home, with electricity bills for both properties? Will you get rebates on both? It’s very likely.
It does mean that wealthier Australians will benefit from the relief, as well as low- and middle-income households.Treasury estimated that the energy bill relief and the increase in rent assistance would reduce inflation by half a percentage point in the coming financial year.KPMG chief economist Brendan Rynne said that while it was technically correct that cutting energy bills would directly cut inflation, the rebates do nothing to reduce the production costs associated with supplying energy.
“ will mean more disposable income and spending power than otherwise. And there is an argument that this will add to demand in the economy, thereby exacerbating current inflationary pressures,” he said.
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