Queensland households are anticipated to benefit from a $1,000 credit on their power bills this upcoming July, a measure by the state government aimed at addressing the challenges of cost-of-living pressures. Premier Steven Miles expressed that this initiative would mark the largest contribution ever made by a state towards reducing power bills and highlighted that it would be funded through the coal mining royalties collected by the state, totaling $2.5 billion in expenditure.
The assistance will be directly applied to bills, and eligible groups such as seniors, pensioners, and concession card holders will receive an additional $372, exceeding the $550 automatic rebate received in the current financial year. The government projects that the move would result in most Queenslanders not having to pay anything on their first bill in the new financial year and aims to significantly reduce the average household's power bill in 2024/25. Premier Miles further emphasized that a special appropriation bill, named The Cheaper Power Bill, would be presented to parliament promptly for approval, with the intention of swiftly providing the funds to energy companies for distribution.
Despite the positive reception of the initiative by organizations like St Vincent de Paul, concerns have been raised by economist Chris Richardson regarding the potential inflationary effects of the rebate. Richardson highlighted that while the reduction in electricity costs would benefit individuals, it might lead to increased overall expenditure, subsequently impacting prices across different sectors. Kevin Mercer, the chief executive of St Vincent de Paul, welcomed the support for struggling Queenslanders and stressed the importance of further assistance, such as rental and education support, alongside relief for everyday expenses like food in the upcoming budget.