Last of $300 cash boost to hit Aussies accounts from April 1: 'Winding down'
The final round of the government's $300 electricity rebate will hit accounts from April 1. While many Australians are hoping the rebate will be extended, there are still ways Aussies can score themselves a cash boost without waiting on the government.
The majority of Aussie households will receive their final $75 payment in the coming weeks. Western Australian households and those on embedded networks would have already received the full rebate.
New research from Canstar Blue found 54 per cent of Aussies weren't prepared for the increase to their energy bills once the federal rebate finishes. Benchmark electricity prices could rise in the coming months, with the Australian Energy Regulator due to release its draft default prices tomorrow.
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Canstar data and insights director Sally Tindall said the temporary rebate had helped keep a lid on bills since mid last year but the clock was now 'winding down'.
'The last round of the federal government's rebate is set to land in most people's electricity accounts from the start of next month,' she said.
'After this, it's back to reality unless the government chooses to extend this relief. The concern is, millions of households will be unprepared for this financial sting when it hits.'Canstar Blue found more than 80 per cent of Aussies wanted the federal energy rebate extended, including 34 per cent who wanted it to continue but with a means test applied.
Electricity costs have dropped since the start of the rebates, falling by 9.9 per cent in the December quarter and 25.2 per cent year on year.
Without the rebates, the Australian Bureau of Statistics found prices would have increased by 0.2 per cent in the quarter.
Switching electricity providers can be an easy way to 'inject relief' into your budget, Tindall said.
Canstar Blue found a Sydney-based household could save up to $386 a year by switching from the average-priced plan to one of the cheapest, while a typical household in Melbourne or Brisbane could save $319 and $445 respectively.
'But don't stop there. Put your gas, your internet, even your phone plan under the microscope to see where you can cut costs,' Tindall said.
'Tally up your monthly savings and put that extra cash in a safe, warm place, ready for when the reality of your real electricity bill bites.'
Companies are required to let you know on your bill if a cheaper plan is available. They have to do this every three to four months.
You can compare electricity rates on government comparison sites Energy Made Easy and Victorian Energy Compare for Victorian households.
You can also call up your existing retailer and ask for a better deal.Sign in to access your portfolio
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