New $325 energy bill rebates for one million small businesses

As part of a suite of measures providing renewed help with energy bills for every household and many small businesses, the 2024-25 federal budget provides a total of $3.5 billion in energy bill relief, including additional rebates of $325 to around one million small businesses from July 1.

Handing down the 2024-25 budget tonight, the Treasurer said “the number one priority of this government and this budget is helping Australians with the cost of living”.

To help ease the effect of cost of living pressures and reduce inflation, the government’s extended Energy Bill Relief Fund (EBRF) provides new energy rebates of $325 to approximately one million businesses on small customer electricity plans, to help cover electricity bills. 

The budget’s Strategy and Outlook Paper says the 2023-24 EBRF and Commonwealth Rent Assistance increases are estimated to have reduced inflation by 0.75% over the past year.

The extended and expanded EBRF scheme doubles down on the measure delivered after last year’s budget, which saw $325 in energy bill relief helping to shield many small businesses against sharp price hikes as inflation spiked. Combined with state and territory co-contributions, some small businesses found themselves eligible for $650 in energy rebates.

“Helping Australian families and small family businesses with their energy bills was a key priority in last year’s budget,” Prime Minister Anthony Albanese told the COSBOA summit last month, promising that small businesses would again be “front and centre in our thinking” this year.

In addition to this extended relief, the government is allocating $1.8 million to energy market reforms aimed at ensuring small businesses are on electricity contracts that work for them.