Another national inquiry is planned into electricity prices and supply, less than six months after a final report into the last one was delivered.
Federal government funding will be boosted to support measures to improve energy affordability and reliability, with $131 million promised over seven years.
The measures have been labelled an action plan to reduce power prices, with an ongoing $10.1 million committed from 2025/26.
Almost $50 million will go towards the Australian Competition and Consumer Commission during the next four years.
It will enable the ACCC to hold an inquiry into prices, profit and margins in relation to supply in the National Electricity Market.
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In July, the ACCC's report into restoring electricity affordability focused on boosting competition in generation and retail, lowering costs in networks and providing better outcomes for customers.
A default market offer and reference bill will also be established in a bid to help Australians get the best possible energy deal.
Funding will be provided to work towards underwriting new power generation, while the retailer reliability obligation will be made a focus.
There will be support for small and medium businesses hoping to get the most out of their energy deals.
Treasurer Josh Frydenberg hailed the initiatives during the mid-year economic and fiscal outlook release on Monday.
He pointed to the additional resources for the ACCC and the Australian Energy Regulator.
"The government is keeping the economy strong by placing downward pressure on power bills and improving the reliability of Australian energy," he said.
