About one million small businesses will receive $325 off their bills over the 2024-25 financial year, in addition to a $300 rebate that will be provided to all households.
These energy credits, which were announced in the federal government’s 2024-25 Budget, will be applied in quarterly instalments, starting from 1 July 2024.
“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,” Treasurer Jim Chalmers said.
“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.”
Meanwhile, the Budget also invested $10.8 million to extend the NewAccess for Small Business Owners program, which is a free and confidential one-on-one mental health coaching program delivered by Beyond Blue, and the Small Business Debt Helpline, which is a free service for small business owners in financial difficulty.