Victorian households to get bill-busting bonus in $250m package

Every Victorian home will be eligible for a one-off $250 bill-busting payment in a bid to counter cost-of-living pressure. Here’s how to qualify.

Every Victorian home will receive a one-off $250 payment in a bid to counter cost-of-living pressures.

The state government’s bill-busting bonus, set to cost $250m, will be a key pillar of Tuesday’s budget.

To be eligible for the cash, available from July 1, households must register on the Energy Compare website where they can seek better deals.

Data shows seven out of 10 households could save by switching offers, cutting bills by up to $330 a year.

Combined with the new “power saving bonus”, that could deliver families an extra $580.

The sweetener, six months ahead of the state election, comes as Victorians face ­expected interest rate rises and soaring grocery and petrol bills with inflation at 5.1 per cent. Wholesale electricity prices have also increased by 67 per cent this year.

The $250m package is aimed at easing cost-of-living pressures. Picture: David Crosling

Cheltenham parents Sarah and Luke Bahramis welcomed the boost, saying bills had “definitely increased”.

Premier Daniel Andrews said the package would give Victorians a welcome ­financial boost.

“This is a great opportunity for Victorians to save money, ease the cost of living, and cut their energy bills,” Mr ­Andrews said.

“Big power companies rely on people not having the time, information or knowledge to save money. But we know better deals are out there – and we’re helping Victorian families find them.”

New figures show that more than 250,000 Australians would struggle to survive the next 22 days if they suddenly lost their jobs.

The Bahramis family know the cost-of-living squeeze and can benefit from the $250. Picture: Jake Nowakowski

The data, from online financial advice service Otivo, shows more than 342,000 Australian households have no ­financial safety net, such as savings or the ability to draw down on their mortgages, and would struggle to make it to the middle of next month if they lost their incomes today.

Energy Minister Lily D’Ambrosio said the fastest way to bust energy bills was by hunting for better offers.

“This one-off $250 payment provides immediate financial relief for those struggling to pay their power bills,” Ms D’Ambrosio said.

Applications for the scheme can be made online, but Victorians without access to a computer or the internet can receive support from community outreach partners.

The bonus, which will run until June 30 next year, builds on the success of the state government’s $50 Power Saving Bonus in the 2018-19 budget.

It is also in addition to the $250 bonus for concession ­recipients in last year’s budget, which remains open to eligible holders until June 30 this year. Households that have cashed out on those packages will be eligible for the new payment.