2023-2024 Budget

In May 2023, the Government of Australia released the 2023-2024 budget focusing at relieving the cost of living crisis and supporting the energy sector and the economy.

The key budget initiatives include:

• Providing funds for energy efficiency retrofits to 170,000 homes and social housing through the Household Energy Upgrades fund
• Financing energy efficiency information for households and improved House Energy Rating Scheme
• Providing subsidies for high electricity bills for 5 million households and 1 million small businesses from July 2023
• Allocating further AUD 4 billion to the renewable energy superpower plan
• Investing AUD 10 billion in the electricity grid
• Earmarking AUD 2 billion for hydrogen production and creating a guarantee of origin scheme
• Investing in development of Critical Minerals International Partnerships 
• Supporting domestic manufacturers of renewable technologies and inputs for clean energy industries
• Investing in industrial decarbonisation

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