A $10 billion surge in coal royalties has delivered a record $12 billion surplus in Queensland’s state budget. 

The 2023-24 budget includes more than $1.6 billion worth of cost of living measures to support Queenslanders.

As part of the budget, all households will receive a $550 rebate on their electricity bill in 2023-24.

Meanwhile, around 600,000 concession holders will benefit from a higher $700 cost of living rebate. 

In addition, vulnerable households will continue to receive a $372 rebate under the Queensland Electricity Rebate Scheme, bringing total support for this group to $1,072 in 2023–24.

Eligible small businesses in Queensland will also receive a rebate of $650 on their electricity bill in 2023–24.  This includes around 205,000 Queensland small businesses that consume less than 100,000 kilowatt hours per annum.

Electricity providers will apply the credit automatically.

From 1 July for most households, rebates will start flowing through and applied to bills on a quarterly basis - the exact timing depends on the retailer.

Queensland Treasurer Cameron Dick promised help is on the way for every household.

“In this Budget, our government will deliver greater and more widespread cost-of-living relief than any other government in Australia, state or Federal,” Mr Dick said.

“Thanks to the Albanese Labor Government, many Queensland households will receive $250 through a Federal Government electricity rebate, matched by another $250 from our government.

“However, under the terms set by the Federal Government, around half of Queensland households will receive no relief from that rebate.

“I am pleased to announce today that our government will deliver a major expansion of the rebate program and we will pay for the entirety of that expansion program ourselves.”

Including the $550 cost of living rebate in 2023–24, the government will have provided all Queensland households with a total of $1,125 in electricity rebates since 2018.


Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 26, 2024. View disclaimer.

Image by www.slon.pics via freepik