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Australian families to get energy rebates of up to $1,600 as electricity prices continue to surge

‘Bill bomb’ relief: Struggling Australian families are set to get much-needed power payments of up to $1,600 as cost of living soars – here’s how much you’ll get in each state

Help is on the way for millions of Australian households facing a massive hike in power prices. 

The Australian Energy Regulator last night signed off on price increases of up to 18 per cent, in bad news for Aussies struggling with rising inflation and interest rate rises.

The regulator cited the war in Ukraine, higher coal, gas prices, extreme weather and a delay in new system capacity as reasons for the rise – which comes on top of wholesale electricity prices doubling in most states in the first quarter in 2022 and quadrupling in Queensland.

However, most Australian states have announced rebates to help households with skyrocketing power costs. Here’s Daily Mail Australia’s guide to what help is available for Aussies with their power bills.  

Millions of Australians will be eligible for rebates as power costs continue to skyrocket

Low income households in NSW will soon be able to get up to $1,600 a year in support payments treasurer Matt Kean has announced.

Eligible customers facing financial hardship can receive assistance of up to $400 per application for electricity and up to $400 per application for gas bills twice a year.

North of the border, Queensland Premier Annastacia Palaszczuk on Thursday announced a $175 rebate which will cost the state $385million. 

The rebate is expected to be delivered to Queensland residents’ accounts in the second half of this year. 

Victorians will receive a one-off $250 cost of living payment to help with energy bills while all Western Australian households will get a $400 credit.

A $233 South Australian rebate is only for pensioners, seniors, veterans and low income earners. 

Tasmania handed down its 2022-23 state budget this week with $186 million allocated to help concession card holders manage power costs.

Wholesale electricity prices have doubled in most states in the first quarter in 2022 and quadrupled in Queensland

Wholesale electricity prices have doubled in most states in the first quarter in 2022 and quadrupled in Queensland

Households have started receiving ‘frightening’ letters from their power companies in recent days warning usage costs will jump in some cases as much as $1,200 a year for an average three-to-four person household. 

Federal Energy Minister Chris Bowen blamed the rise on ‘nine years of Liberal denial and cost’ and accused his predecessor Angus Taylor of sitting on the regulator’s report during the election campaign.

‘There are international factors at play here … but the lack of energy policy, the lack of investment in new energy, the lack of investment in renewable energy, and the lack of transmission over the last nine years means that Australians are paying more for electricity than they should be,’ he said.

Mr Bowen said the introduction of more renewable energy under the new Labor government will put downward pressure on prices.

‘The good news is that the Australian government will now have a policy to see power prices fall through investments in renewable energy, the cheapest form of energy. That’s the better news for the Australian people,’ he added.

Skyrocketing power prices will be the first major challenge for Anthony Albanese

Skyrocketing power prices will be the first major challenge for Anthony Albanese 

The Australian Chamber of Commerce and Industry has called on the Coalition to provide bipartisan support for the government’s new energy policy, which likely leader Peter Dutton hasn’t ruled out.

‘We’ll look at what Labor has got on the table,’ he told the Today show on Friday.

‘For the Liberal Party we want to make sure that people can afford to turn the lights on, when you turn the lights on there is actually power there. 

‘I worry under this government, we’re not going to have the reliability in our energy system.’

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Read more at DailyMail.co.uk