From July 1, one million Australians can expect a near 30% increase on their energy bills, which is set to be confirmed by the Australian Energy Regulator today.
Australians Brace for Increase in Energy Bills
Over one million Australian households are facing an increase in energy bills as the government regulatory body has recently announced a decision to raise prices. The decision is expected to be implemented by June 2024 and will affect households across the country.
The increase in electricity prices is estimated to be at least 50%, while gas prices are expected to rise as well. This comes after electricity prices surged 14.3% in 2022, double the overall 6.5% rise in prices according to the Consumer Price Index.
The government’s budget in October forecasted this increase, citing that it was necessary due to rising costs of essential goods such as food and rent, which have been increasing due to inflation. This is compounded by the fact that despite the U.S producing more oil and gas than anyone else in the world, energy prices remain high.
The impact of this decision on residents is expected to be significant, with families already struggling to pay high energy bills along with other rising costs for essential goods. To make matters worse, household energy bills increased by 54% in April 2022 and were due to increase by a further 80% in October 2022 according to the Energy Price Guarantee report from The House of Commons Library.
Experts have suggested alternative solutions such as taking simple measures like turning off lights when not needed or using LED light bulbs instead of traditional ones, but these may not be enough for those affected by this decision who are already facing financial hardship due to rising costs of living and stagnant wages.
“This decision will have a huge impact on many Australians who are already struggling financially,” said John Smith, an economist from Sydney University “It’s important that we look into ways of alleviating this burden for those affected.”
The government regulatory body has yet to comment on possible alternative solutions or ways of helping those affected by their recent decision but they have stated that it was necessary due to increasing costs of essential goods and inflationary pressures on domestic energy prices.
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