As Australians continue to grapple with rising living costs and inflation, there is a significant relief available in the form of a $700 cost-of-living cash injection. This initiative, part of a broader government relief package, is designed to ease the financial strain on households in Western Australia (WA) facing skyrocketing energy bills and other essential expenses. Here’s how you can take advantage of this boost and potentially save even more each month through smart financial practices.
$700 cost-of-living cash injection in Australia
With living costs continuing to rise, the $700 cost-of-living cash injection is a timely relief for many Western Australians. While this government assistance helps reduce immediate financial pressure, smart financial practices like refinancing, eliminating unused subscriptions, and leveraging loyalty points can lead to even greater savings over time. Combining these strategies, you could potentially save well over $1,000 each month, making a significant difference to your household’s bottom line.
| Item | Details |
|---|---|
| Amount | $700 electricity credit for WA households (in two installments) |
| Eligibility | All WA households with Synergy or Horizon Power accounts |
| Claim Process | Automatic credit for Synergy/Horizon customers, others apply via Revenue WA |
| Additional Benefits | $725 credit for small businesses using less than 50 MWh of electricity annually |
| Related State Benefits | Similar rebates in Queensland ($1,000), South Australia ($243.90) for low-income families |
| Tips to Save Even More | Refinancing loans, reducing unused subscriptions, and maximizing loyalty programs |
| Official Website | Revenue WA |
What is the $700 Cost-of-Living Cash Injection?
The $700 electricity credit is part of a $492 million cost-of-living relief package introduced by the Western Australian government. The initiative is designed to provide financial relief during the coldest and hottest periods of the year when energy consumption peaks. The rebate will be automatically applied to electricity bills of eligible households and small businesses, with the first $350 installment credited in the July-August billing period and the second installment of $350 in the December-January billing period.
In addition to households, small businesses in WA using less than 50 megawatt hours (MWh) of electricity annually will receive a rebate of $725 spread over the same two billing cycles.
How to Claim the $700 $700 cost-of-living cash injection Rebate
The good news is, if your household is with Synergy or Horizon Power, there’s nothing you need to do—the rebate will be automatically applied to your bill. However, for customers with other electricity providers, you will need to apply for the rebate through Revenue WA. Small businesses will follow a similar process via the Small Business Development Corporation.
How Other States Are Helping
Although this $700 rebate is specific to Western Australia, other states have introduced similar measures to help offset rising living costs:
- Queensland: Households are eligible for a $1,000 electricity bill reduction.
- South Australia: Low-income households and pensioners will receive a $243.90 cost-of-living payment.
These state-specific initiatives are helping Australians across the country deal with rising costs of utilities, food, and fuel.
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Simple Ways to Save $700 (or More) Each Month
In addition to the government’s relief package, other strategies could help you save hundreds of dollars each month. By making simple adjustments to your financial habits, you can potentially save even more than the $700 offered by the rebate.
1. Refinance Your Mortgage or Loans
One of the fastest ways to save money is by refinancing your mortgage. On a $500,000 mortgage at 6.28%, reducing your interest rate by 0.3% can save you approximately $97 per month. Additionally, consolidating high-interest loans, like car loans or personal loans, into your mortgage can lead to even bigger savings.
2. Switch to Fortnightly Mortgage Payments
Switching your mortgage repayments from monthly to fortnightly can make a significant difference. Instead of 12 payments, you’ll make 26 smaller payments throughout the year, helping you pay down the principal faster and reduce interest. This simple switch can save around $510 per month on a standard $500,000 loan.
3. Cancel Unused Subscriptions
Many households continue to pay for subscriptions they barely use. By auditing your accounts and cancelling unnecessary services like gym memberships, streaming platforms, and magazine subscriptions, you could save between $7 and $70 per month.
4. Take Advantage of Loyalty Programs and Gift Cards
Australians have an estimated $1.4 billion in unused gift cards and loyalty points, averaging $198 per person. By redeeming these points and cards, you can reduce your spending without reaching into your wallet.
5. Online Shopping Smartly
Online shopping isn’t just convenient, it’s a great way to avoid impulse buys. You can save on fuel, and parking costs, and even take advantage of free shipping deals. On groceries alone, this can save up to $58.50 per month.
Frequently Asked Questions (FAQs)
1. Who is eligible for the $700 rebate?
All Western Australian households with Synergy or Horizon Power accounts are eligible for the automatic rebate. Customers with other providers can apply via Revenue WA.
2. When will I receive the rebate?
The rebate is split into two payments: one in July-August and the second in December-January.
3. Can small businesses claim the rebate?
Yes, small businesses in WA with an annual electricity usage below 50 megawatt hours are eligible for a $725 credit.
4. What other states offer similar rebates?
Queensland offers a $1,000 electricity bill reduction, and South Australia provides $243.90 to low-income families and concession holders.
5. How can I apply for the rebate?
For Synergy and Horizon Power customers, no action is needed as the credit will be applied automatically. Other households and small businesses can apply through Revenue WA.
