![]() "This will provide up to $31 extra a fortnight for people renting in the private market and community housing," Mr Chalmers says. "The Small Business Energy Incentive will be available for up to $100,000 of total expenditure on eligible assets." What is the government doing to make housing more affordable?Īs Australia's housing crisis continues, the government has announced a range of measures it says will make housing more affordable.įor renters, the government is increasing Commonwealth Rent Assistance by the largest amount in more than 30 years.įrom September 2023, the maximum rates of assistance will go up by 15 per cent for eligible people - a move the government says will see 1.1 million households better off. "Up to 3.8 million small and medium businesses with aggregated annual turnover of less than $50 million will have access to a bonus 20 per cent tax deduction for the cost of eligible depreciating assets, from 1 July 2023 until 30 June 2024. Here's what the budget papers say on which businesses will be eligible: The government says the incentive will help businesses pay for upgrades such as electrifying heating and cooling systems, installing batteries, and switching to more efficient electrical goods. There is also $300 million to help reduce energy bills by around a one-third for tenants in 60,000 social housing properties.įor businesses, the budget includes a new Small Business Energy Incentive, which the government says will help small and medium-sized businesses carry out energy saving upgrades to reduce their power bills.ĪS IT HAPPENED: Read back over our blog for all the reactions to the budget The budget sets aside $1 billion to invest in more than 110,000 low-cost loans for "double-glazing, solar panels and other improvements that will make homes easier - and cheaper - to keep cool in summer and warm in winter". There's also money to help homes and businesses reduce their bills by becoming more energy efficient. The Energy Bill Relief Fund will provide energy bill relief for pensioners, Commonwealth Seniors Health Card holders, Family Tax Benefit A and B recipients and small business customers of electricity retailers. The government says electricity bill increases "are now expected to be around 25 percentage points smaller on average nationwide in 2023-24" and 16 percentage points less for gas, compared to previous expectations. Rebates will be applied directly to electricity bills - a move the government says will "minimise any potential inflationary impacts". People who get electricity concessions under current schemes in their state or territory.People receiving family and carers payments.More than 5 million households will have up to $500 deducted from their power bills in the next financial year, Mr Chalmers says. The government says states and territories will help to co-fund "up to $3 billion of direct energy bill relief to vulnerable households and small businesses". What support is there for rising power bills? Let's take a look at where the cost-of-living relief is going, and who is set to benefit. Treasurer Jim Chalmers says the support will come in the form of things such as lower power bills, increased welfare payments and more affordable housing. The 2023-24 federal budget includes $14.6 billion of what the government calls "targeted relief" for Australians who are struggling with the rising cost of living.
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