Chris Bowen MP, Minister for Climate Change and Energy
Sen Jenny McAllister, Assistant Minister for Climate Change and Energy
The Albanese Labor Government is delivering cost-of-living energy price relief for every Australian household while making critical investments to seize the economic opportunities of the energy transformation.
This Budget delivers energy rebates and energy bill reforms, secures a Future Made in Australia with local manufacturing in clean energy, and strengthens climate engagement and integrity to deliver long-term economic prosperity.
Every Australian household doing it tough will be $300 better off from our energy bill relief, and Australians will get better bills by getting rid of bad retail energy deals.
A significant part of our $22.7 billion Future Made in Australia package will help us become a renewable energy superpower and an indispensable part of the global economy. These measures are designed to maximise the economic and industrial benefits of the move to net zero and secure our place in a changing global economic and strategic landscape.
Putting consumers first and pushing bills down
The Albanese Government is helping Australians by pushing bills down and delivering our clean, cheap reliable renewables plan with communities:
- $ 3.5 billion to extend energy bill relief for every household and eligible small business to help ease cost of living pressures. Over 10 million households will receive a $300 rebate and around 1 million small businesses will receive a $325 rebate.
- $ 47.7 million over four years from 2024-25 for energy reforms that put consumers first including:
- Investigating a ‘one-click-switch’ to a cheaper energy deal, cutting excess fees and charges, and making sure anyone eligible for a bill discount gets it.
- Unlocking greater savings from Australia’s world leading uptake of consumer energy resources such as rooftop solar, batteries, and electric vehicles which could avoid $10 billion in network costs alone for consumers.
- Investing in the Australian Energy Regulator to boost capacity and information for households on energy choices.
- Reviewing electricity market laws to ensure consumers can be protected from misconduct.
- $20.7 million over seven years from 2024-25 to ensure best practice engagement with local communities and landholders as new renewables, backed by storage and transmission, are installed across the country as aging coal-fired power continues to retire.
A reliable and renewable future, made in Australia
The Albanese Government is securing a Future Made in Australia by leveraging our world-class resources and ensuring sovereign manufacturing in clean energy industries over the next decade:
- $5.1 billion boost to our world-leading Australian Renewable Energy Agency:
- $1.7 billion for the Future Made in Australia Innovation Fund to unlock private capital across new industries like green metals and low carbon liquid fuels.
- $1.5 billion to build capability in solar and battery manufacturing that strengthens supply chain resilience
- $1.9 billion to recharge ARENA’s core mission developing, commercialising, manufacturing and deploying new renewable energy technologies
- Supercharging Australian renewable hydrogen with:
- $6.7 billion over the decade for a new production tax incentive of $2 per kilogram starting from 2027-28; and
- $2 billion for a new round of the successful Hydrogen Headstart program to give long-term certainty for the large-scale renewable hydrogen industry, critical for future green iron and steel opportunities.
- $91 million to turbocharge the clean energy workforce for the jobs of the future, including boosts to training, to apprenticeships and to facility and equipment upgrades across occupations like wind, solar, pumped hydro, large-scale battery, electricity networks, hydrogen and more.
Strengthening climate engagement and integrity
The Albanese Government is strengthening action and engagement on climate through key partnerships, and reforms:
- $48.0 million for continued reform of the Australian Carbon Credit Unit (ACCU) Scheme to support the continued and critical integrity of the ‘net’ in net zero emissions, and improving job opportunities and First Nations participation.
- $76.6 million for continued engagement with our Pacific and international partners on the climate and energy transition, including through organisations like the UNFCCC, G20 and IEA, and ensuring the voice of the Pacific family on the existential and security threat of climate change for our region is heard through our bid to host COP31.
The 2024-25 Budget builds on what we’ve been delivering – from urgent coal and gas price caps protecting Australian consumers, to boosting investment in cheaper energy across the grid.
It’s about easing pressure on households and businesses while using our natural advantages in renewables, minerals and more – for our national interest.
Our reliable 82 per cent renewables plan backed by storage, gas and transmission is the only plan backed by experts to deliver affordable energy where and when we need it.
Australia’s potential to produce abundant renewable energy is a powerful source of comparative advantage and we are continuing to invest in making this country a renewable energy superpower.
