Premier Mark McGowan unveiled the budget on Thursday, which has a surplus of $4.2 billion, identical to the federal budget released on Tuesday. 

The 2023-24 budget includes more than $715 million of cost of living measures to support Western Australians.

As part of the budget, WA households will all receive two energy bill credits of $200 apiece - one for the July/August billing cycle and the other for November/December. 

The policy is a repeat of the $400 electricity bill credit given in 2022.

Mr McGowan acknowledged the rising cost of living has hit WA households hard. 

"My Government understands the pressures faced by many households and small businesses,” he said.

"That is why we are using our strong budget position to invest in cost of living relief to all Western Australians including additional targeted support for those most in need. 

"Including the $400 electricity credit, everyday household fees and charges will be lower in 2023-24 than five years ago.”

Additional assistance will also be provided to those most in need.

How to get

Households eligible for the Energy Assistance Payment will receive a $400 electricity credit split over two payments in addition to $326 in support paid over the financial year. 

This brings the total support to $826. 

This applies to concession cardholders which includes pensioner concession cards, health care card, Commonwealth Seniors Health Card, or a Department of Veteran Affairs Gold Card.

Small businesses that use up to 50MWh of power each year will be handed $650 worth of credit on their power bills.


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 $1,000 in the previous month
  • No account fees
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest

Save Account

  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • 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 June 19, 2024. View disclaimer.

Image by Nao Takabayashi via Unsplash