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Household electricity bills to go down from Monday for the first time in years

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From Monday most homework electricity bills will begin to decline for the first time in years.
The government’s $300 energy rebate comes into force on July 1, adding to a range of government measures to help spiral living expenses pressure.

But the opposition said that could raise the risk of another rate hike.

Household electricity bills have been decreasing since Monday
From Monday, most household electricity bills will begin to decline for the first time in years. (9News)

Energy Minister Chris Bowen said the government was providing much-needed relief amid the cost-of-living crisis as he switched on a new public battery in Sydney’s south on Saturday – one of hundreds being rolled out across the country

“We are providing real cost of living relief from Monday for everyone with an energy bill,” he said.

And in another win for struggling households, from Monday most customers can expect their electricity bills to fall between one and six per cent after years of rising prices.

“It’s been a long road, but now we’re around the corner and we’re seeing energy prices come down,” Bowen said.

Chris Bowen
Energy Minister Chris Bowen said the Government was providing much-needed relief amid the cost of living crisis (9News)
Household electricity bills have been decreasing since Monday
And in another win for struggling households, from Monday most customers can expect their electricity bills to fall between one and six per cent after years of rising prices. (9News)

July 1 will also bring increases to the minimum wage and awards, and parents will get an extra two weeks of paid parental leave.

There are also tax breaks, with workers receiving between $350 – $4,500 depending on income.

While this is good news for households, there are concerns that all this extra money in the economy will only add to inflation, raising the risk of another interest rate hike.

“Domestic inflation is going in the wrong direction – it’s going up, not down,” said shadow treasurer Angus Taylor.

Prime Minister Antoni Albanese
The opposition’s warning of imminent increases in interest rates from the government’s move did not dampen the Prime Minister’s mood. (9News)

“We know now that we will have higher interest rates for a longer time and there is a real prospect of interest rate increases, according to economists and markets.”

But this does not dampen the Prime Minister’s mood.

Surrounded by 14 million seedlings on Saturday, Anthony Albanese pointed out that this was “about the same number as Australians who will get a tax cut on Monday”.

The next decision on interest rates by the Reserve Bank of Australia will be announced on August 6.

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