Every household in Victoria is set to receive a $250 cash handout to help with the rising cost of living as Dan Andrews launches a $250million cash splash. Payments will start from July 1, with Victorians signing up to the Energy Compare website to become eligible for the vast cash splash.
The scheme was initially rolled out to ease the financial burden of struggling families during Covid-19 but has since been extended.
The Power Saving Bonus was originally only available for Pensioner Concession Card and Health Care Card holders in the state, including those claiming Jobseeker, Youth Allowance, Austudy, and Abstudy. However, with the schemes combined for the most vulnerable in Victoria, up to $800 will be available.
This measure is one of the critical components of Treasurer Josh Frydenberg's fourth budget, delivered in March and included plans to help millions of vulnerable Australians struggling to keep soaring. Another 10 million Australians will get up to $1,500 back in their next tax return under the government's pre-election cash-splash Budget, which also slashed petrol excise.
Australians earning less than $126,000 will, from July 1, get an existing tax offset of up to $1,080 plus a bonus of $420 to help manage the rising cost of living in a $4.1billion policy. The government is also spending $3 billion to slash fuel duty in half for six months – saving an average household $300 over six months and families with two cars $700.
Treasurer Josh Fyrdenberg said the Government's plan to help the economy recover after the Covid-19 pandemic was working, with unemployment predicted to reach 3.75% in September, the lowest level since 1974.
'This is a great opportunity for Victorians to save money, ease the cost of living, and cut their energy bills. Unfortunately, big power companies rely on people not having the time, information, or knowledge to save money. But we know better deals are out there - and we're helping Victorian families find them,’ said Andrews.