$500 power bill relief handout – the winners and losers of federal budget electricity relief package

Millions of Aussies will save up to $500 on their energy bills thanks to the government’s electricity package – but not everyone is eligible for the scheme.

Treasurer Jim Chalmers says the handout will be a focal point of the budget, which will be handed over by the Albanian government in parliament on Tuesday.

The federal government’s $1.5 billion aid package will help households when it rolls out by the second half of the year.

This amount will be matched by the states, bringing the total savings to $3 billion.

Retirees and government spending recipients will see the biggest cuts, but an established income thresholdThis means that many households will also miss it.

Daily Mail Australia has compiled a list of Australians who will benefit from the scheme.

WINNERS

Senior retirees, Commonwealth senior health card holders, small businesses and benefit recipients will be the largest beneficiaries of the scheme.

For families, households receiving income support under Family Tax Benefits A and B will also be targeted by the handout.

More than five-and-a-half million households and one million businesses will receive a total of up to $500 in aid.

“In most states and territories, the retailers take it out of your account. For most people it’s in the third quarter of the bill,’ confirmed Dr Chalmers News.com.au.

‘It’s about taking the sting out of the higher electricity prices.’

How much households and companies save depends on where you live.

“It’s going to be different across the country, we’ve done eight different deals with different jurisdictions,” Dr Chalmers added.

Senior retirees, Commonwealth senior health card holders, small businesses and benefit recipients will be the biggest winners of the scheme (stock image)

LOSERS

Single workers and families with more than six-figure incomes are the cohorts most likely to miss out on cuts to their bills.

The government has set income thresholds for families that depend on the number of children in a household and their respective ages.

This is determined by whether a household is eligible for family fax benefits.

For families with one child, the limit is a combined income of more than $108,000.

The threshold is raised slightly to $114,000 for families with two children ages zero to 12 or one child ages zero to 12 and one child ages 13-19 in secondary education.

The limit is $117,000 for families with two children ages 13-19 in secondary education.

This is increased if there are three or more children in a household.

Families with three teens in secondary school can have a combined income of up to $140,000 before they no longer qualify for the handout.

Households with four children have a discount of between $147,000 and $157,000 – depending on the age of the children.

Further details on the eligibility criteria for the distribution of the government’s electricity supply will be revealed when the budget is handed over on Tuesday.

Single workers and families with a combined income of more than six figures are most likely to miss out on the cuts. Income limits are set for the scheme based on whether a household is eligible for family fax benefits