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BUDGET 2024 🗞️ Energy Reforms in Budget Aim to Unlock Further Savings for Consumers

BUDGET 2024 🗞️ Energy Reforms in Budget Aim to Unlock Further Savings for Consumers

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Audio clip from Treasure Minister Jim Chalmers ⬆️

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The Albanese Labour Government's responsible cost of living help in the Budget includes a $300 energy bill rebate for every household and additional relief for small businesses.

From 1 July 2024, all households will see a $300 credit automatically applied to their electricity bills and around one million small businesses will receive $325 off their bills over 2024–25. The credits will be applied in quarterly instalments. The Government is providing $3.5 billion for this relief, which extends and expands the energy bill relief rolled out to households and small businesses in 2023-24.

Minister for Climate Change and energy Chris Bowen said the primary focus of our economic plan and Budget is to ease pressure on Australians and put downward pressure on inflation, and our new power bill relief does both.

“We know that many people are under pressure, and the extension and expansion of our energy rebates will deliver more cost-of-living help to more Australians.

Treasury estimates this will directly reduce headline inflation by around half of a percentage point in 2024–25 and is not expected to add to broader inflationary pressures.

Based on estimates of 2024-25 standing offers, the Commonwealth’s energy bill relief means that nationally household bills will be 17 per cent lower on average compared to the previous year.”

In addition to this new power bill relief, the 2024-25 Budget also delivers $68.4 million for energy reforms that put consumers first, including:

$27.7 million towards reforms to help ensure consumer energy resources such as rooftop solar, household batteries and electric vehicles unlock further savings and benefits for all energy customers.

$20.7 million to improve community engagement through a bolstered Australian Energy Infrastructure Commissioner and voluntary national developer standards for new infrastructure projects.

$16.6 million to help ensure the Australian Energy Regulator decisions and spending on the clean energy transformation are in the best interests of consumers.

$1.8 million to implement regulatory changes so consumers can switch to a better energy deal with just ‘one click.’ These changes will stop contracts automatically rolling over to higher-cost deals, ensure people receive the concessions and rebates they are entitled to, and reduce excess fees and charges.

$1.6 million to review electricity market laws that regulate misconduct in electricity retail, contract and wholesale markets.

“Helping to ease inflation and cost of living pressures are the top priorities of the Albanese Government and the Budget, and that’s what our energy rebates are all about,” Assitant Minister for Climae Change and Energy Sen Jenny Mcallister dislosed.

Rewiring Australia notes that tonight's federal budget commits to clean energy manufacturing, energy market reform, and electrical skill development, which are crucial to universal electrification.

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Dr. Saul Griffith, chief scientist and co-founder of Rewiring Australia, said Australia needs to massively increase its electrician and energy worker pool to install solar, storage, and electric appliances on millions of homes and build renewable energy on the grid. “The $91 million government commitment to accelerate clean energy workforce development is crucial and overdue. The $22.7 billion Future Made in Australia announcements to create clean energy industries are crucial for the economy and climate. Dr. Griffith said every advanced nation must make a variety of essential products for decades, as we saw during the COVID-19 pandemic. “Investing in Australian manufacturing in competitive industries like green minerals and metals makes sense. Startups and disruptors should receive capital, and educational reform should fund disruptors and university research." Executive director Dan Cass said: “The next step on Australia's journey to Nett Zero is for the Australian government to create a low-cost loan scheme for the millions of Australians who cannot afford the up-front investment to ditch expensive gas and petrol for cheap and healthy solar, EVs and electric appliances This is essential to any credible climate policy at the next election and has unmatched support across the political spectrum and community.” Rewiring Australia expects more electrification in the coming months. To allow households to generate, store, and sell solar electricity on par with energy giants, the government must open electricity markets to competition. The federal government will reduce household transition costs by pledging $27.7 million to better integrate community energy resources into the grid. "After this budget we will continue to work with the government to bring households to the centre of energy and climate policy," he said. "That is the fastest, most cost effective way to reduce energy bills and help households move off dirt, fossil fuel gas onto cleaner, cheaper solar-generated electricity."

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BUDGET 2024 🗞️ Energy Reforms in Budget Aim to Unlock Further Savings for Consumers

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