Forming part of the state budget announced Thursday, the state government will provide all WA households with a $400 household electricity credit.

The 2022-23 WA Budget will tap into its $1.6 billion surplus to provide the new $400 credit at an estimated cost of $445 million, building upon the $600 credit delivered in 2020-21. 

Western Australia Premier and Treasurer Mark McGowan said strong budget management has its rewards with the surplus allowing the government to provide cost of living relief in the form of $400 household electricity credit to every WA household.

"Our new $400 household electricity credit builds on our previous credit in 2020-21 to deliver $1,000 in savings for Western Australian households on their electricity bills," Premier McGowan said.

"There is no doubt that the pandemic and recent world events are currently having an impact on prices locally and that's why my Government is going above and beyond its election commitments to ease cost of living pressures in WA."

WA Government's $400 offering to households tops the Victorian Government's payment of $250 announced earlier this month.

How to access the $400 credit

The Western Australia government notes eligibility criteria, guidelines and instructions of how to apply for the $400 credit will be published in the near future.

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BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
3.00% p.a.
6.25% p.a.
Intro rate for 3 months
then 3.00% p.a.
$769
3 months
$0
$49,999
$0
$0
  • Intro rate for 3 months up to $50k, then 5.30% p.a. on paid Ultra plan up to $250k
  • No deposit or withdrawal conditions. New to Revolut customers for a limited time. Open savings account within 1 month of joining.
  • Total Interest Earned shown is for illustrative purposes and is based on monthly compounding. Actual Interest Earned will be higher from interest compounding daily instead of monthly.
 Disclosure
0.05% p.a.
Bonus rate of 5.30%
Rate varies on savings amount.
5.35% p.a.
$1,097
–
$0
$249,999
$0
$0
  • Government backed protection.
  • $0 monthly account keeping fees.
  • 100% Australian-based support.
 Disclosure
5.05% p.a.
5.05% p.a.
$1,034
–
$0
$99,999,999
$0
$0
  • No account keeping fees
  • There’s no interest or fee penalties when you need to withdraw your money
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 Disclosure
4.00% p.a.
5.90% p.a.
Intro rate for 4 months
then 4.00% p.a.
$936
4 months
$0
$249,999
$0
$1
 Disclosure
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
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