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But the opposition said that could raise the risk of another rate hike.
Energy Minister Chris Bowen said the government was providing much-needed relief amid the cost-of-living crisis as he switched on a new public battery in Sydney’s south on Saturday – one of hundreds being rolled out across the country
“We are providing real cost of living relief from Monday for everyone with an energy bill,” he said.
And in another win for struggling households, from Monday most customers can expect their electricity bills to fall between one and six per cent after years of rising prices.
“It’s been a long road, but now we’re around the corner and we’re seeing energy prices come down,” Bowen said.
July 1 will also bring increases to the minimum wage and awards, and parents will get an extra two weeks of paid parental leave.
There are also tax breaks, with workers receiving between $350 – $4,500 depending on income.
While this is good news for households, there are concerns that all this extra money in the economy will only add to inflation, raising the risk of another interest rate hike.
“Domestic inflation is going in the wrong direction – it’s going up, not down,” said shadow treasurer Angus Taylor.
“We know now that we will have higher interest rates for a longer time and there is a real prospect of interest rate increases, according to economists and markets.”
But this does not dampen the Prime Minister’s mood.
Surrounded by 14 million seedlings on Saturday, Anthony Albanese pointed out that this was “about the same number as Australians who will get a tax cut on Monday”.
The next decision on interest rates by the Reserve Bank of Australia will be announced on August 6.
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