Starting Monday July 01 2024 most households will see a welcome decrease in their electricity bills for the first time in years. This reduction is thanks to the government energy rebate $300, which takes effect from July 1. This rebate is part of a broader suite of government measures designed to alleviate the increasing cost-of-living pressures many Australians are facing.
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Energy Minister Chris Bowen emphasized the importance of this relief during the inauguration of a new community battery in Sydney’s south on Saturday. This battery is one of hundreds being rolled out nationwide to enhance energy storage and distribution.
“We are providing real cost of living relief from Monday for anyone with an energy bill,”
Bowen said. He noted that most customers can expect to see their electricity bills decrease by between one and six percent, marking a significant turnaround after years of price hikes.
“We’ve now turned the corner and are seeing energy prices come down,” Bowen added.
Tax Cutting and Minimum Wages Increased
In addition to the energy rebate, July 1 will also bring increases to the minimum wage and awards, and parents will benefit from an extra two weeks of paid parental leave. Tax cuts are also on the horizon, with workers set to receive between $350 and $4500, depending on their income.
However, there are concerns about the potential economic repercussions of these measures. The Opposition has warned that the influx of extra money into the economy could contribute to inflation, raising the risk of another interest rate hike. “Homegrown inflation is going in the wrong direction – it’s going up, not down,” said Shadow Treasurer Angus Taylor. He noted that higher interest rates might persist longer than expected, with economists and markets predicting a potential increase.
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Despite these warnings, Prime Minister Anthony Albanese remains optimistic. During a visit to a site with 14 million seedlings on Saturday, he highlighted that this number is roughly equivalent to the Australians set to receive a tax cut on Monday.
The next interest rate decision from the Reserve Bank of Australia is scheduled to be announced on August 6. Until then, households can look forward to some financial relief starting this Monday.
