Eligible ACT low-income households can expect to receive a $175 annual energy bill rebate, with a $325 rebate for eligible small businesses from July 1 as part of the federal budget.
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Treasurer Jim Chalmers announced the Energy Price Relief Rebate on Tuesday when he handed down the federal budget, which will benefit more than 56,000 households and small businesses in the ACT.
The rebates will apply to pensioners, veterans, seniors and other concession card holders, as well those receiving the existing ACT electricity concession scheme.
They will be delivered by energy retailers and automatically applied to energy bills.
However, all ACT households can claim a $152 annual large-scale feed-in tariff rebate, which will also chip $624 per year off power bills for the average small business.
The rebates are being led by the federal government and co-funded by the states and territories.
The ACT gets all of its electricity from renewables, which has insulated residents from escalating electricity price rises as compared to other states.
The deal, as agreed by states and territories, means jurisdictions facing the highest power price rises will contribute more funding to deliver larger rebates.
This is why neighbouring NSW householders will receive a $500 energy rebate on their power bills in the coming financial year, while eligible small businesses will be able to access a $650 rebate.
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ACT Chief Minister Chris Barr said the transition to renewables was "largely protecting the ACT community from the extreme price volatility in electricity prices other jurisdictions have faced".
Mr Barr said the ACT government would continue to explore ways to reduce the cost of living in conjunction with the federal government.
"The ACT government recognises the challenges people in our community are facing with the increasing cost of living, particularly with the rise in energy prices," Mr Barr said.
"We are committed to helping Canberrans manage their expenses and have put in place numerous incentives, rebates, and concessions to assist those in need."
Treasurer Jim Chalmers said rising power prices were among the biggest burdens on families and businesses.
Mr Chalmers said the rebates will take the sting out of power price rises when these increases are expected to be most acute later in the year.
The rebates are expected to reduce inflation nationally by one quarter of a percentage point in 2023-24.
"While there's no quick fix to the cost-of-living challenge facing Australians, these energy bill rebates will help to ease pressure on families and businesses and put downward pressure on inflation," Mr Chalmers said.
