Relief for energy costs as Federal Government releases budget
Low cost loans for solar panels and electrification for households and business continue the push towards renewable energy
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Relief for household energy costs, payment increases for job seekers and a bonus tax discount to help small businesses electrify – these are just a few takeaways from the Federal Government’s 2023 budget announced by Treasurer Jim Chalmers last night.
All businesses with an annual turnover of less than $50m will be eligible for 20 percent of spending that goes towards electrification and energy efficiency, including purchasing more efficient white goods, as well as upgrading to electric heating and cooling.
In further news around energy, the Government sought to relieve cost of living pressures with their energy bill relief plan, which will lower the costs for eligible households by up to $500. Prime Minister Anthony Albanese has forecast that the measure should help lower inflation by 0.75 percent.
“This is a responsible budget,” the Prime Minister said. “What we’ve done is to take pressure off families without putting pressure on inflation.
“What we haven’t done is put cash payments that would have added to inflation.”
Households seeking to improve their energy efficiency will have access to a low interest loan, with 110,000 on offer for upgrades such as solar panels and double glazing, as well as more energy efficient appliances. The Federal Government has set aside $1b to establish the fund.
Following repeated calls for more support aimed at job seekers, the budget also includes a $40 a fortnight increase in the JobSeeker payment, which still falls short of the recommendations by the Economic Inequality taskforce. Treasurer Jim Chalmers said on ABC News Breakfast that his government had ‘done what we can’ to address the needs of job seekers.
“We’ve tried to do as much as we can without blowing the budget and adding substantially to inflationary pressures in the economy,” he said.
The budget also sought to relieve pressure on the Medicare system, tripling the bulk billing system for the most common consultations
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