Each Victorian household would receive a one-time payment of $250 to mitigate the soaring cost of living.
The state government hopes the massive cash will help families cope with recent increases in food, gasoline and electricity as well as an expected hike in interest rates.
Watch the video above to learn more about who is eligible for the payout – and how to get it
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Payments will start flowing from July 1, with Victorians having to register on the Energy Compare website to become eligible, according to the Herald Sun.
The website compares energy supplier prices and suggests the right retailer for your needs and budget, reducing bills by up to $330 per year.
Dubbed the “Energy Saving Bonus,” the $250 donations were originally rolled out to help vulnerable families during the COVID-19 pandemic and the program has now been expanded and expanded.
“This is a great opportunity for Victorians to save money, lower the cost of living and lower their energy bills,” Premier Daniel Andrews said on Monday.
“The big power companies rely on people who don’t have the time, information or knowledge to save money.
“But we know better deals are out there – and we’re helping Victorian families find them.”
The payments, which will be available until June 30 next year, will cost the state budget $250 million on Tuesday.
The initiative comes after the federal government introduced a similar scheme for six million low-income or no-income Australians.
Retirees, caregivers, veterans, job seekers, eligible self-funded retirees and concession card holders received a $250 cash boost last week.
The document was one of two key measures unveiled in the federal budget – the other being tax compensation for low- and middle-income people.
This compensation of $420 will be paid in addition to the LMITO – the tax compensation for people with low and middle incomes – up to $1080.
This means that when people earning less than $126,000 file their tax returns in July, they could receive up to $1,500 in compensation.
Many Australians are currently struggling to keep their heads above water after inflation in the twelve months to March 2022 hit a high not seen since the 1990s.
Australia’s Consumer Price Index (CPI) rose to 2.1% in the first three months of the year and 5.1% in the twelve months to the March 2022 quarter, according to the latest Consumer Price Index data from the Australian Bureau of Statistics.