In our fast-paced modern lives, an undeniable reality looms over us — living expenses have a knack for stealthily mounting up, relentlessly consuming our hard-earned money.

We understand how crucial it is for SDC members to maximise their pension or superannuation and keep more of it in the bank.

And oh, how we wish we had better news for you on this fine day! But the cost of living, including those pesky energy bills, continues to escalate, with seniors among the hardest hit.

It has recently been revealed by the Australian Energy Regulator (AER) that energy prices are set to soar to staggering new heights, leaving millions of Australians potentially facing bigger bills.

What was once a whisper about a potential 20% to 22% rise has now been confirmed as a whopping increase between 21% and 24% come July.

You read that right, folks – 24%! This now leaves around 600,000 households across New South Wales, southeast Queensland, and South Australia staring down the barrel of yearly bill hikes of up to $512.

Authorities announced price hikes on electricity bills, informing the general public of the additional charges they could be paying in the next few months. Credit: Shutterstock.

The Impact on Households

Your energy bills already seem like they burn a hole in your pocket, and this new pricing surge is set to burn through even more money.

Those in New South Wales can expect an increase of between $440 and $594 per year, depending on their location.

Residents in southeast Queensland have been forewarned about an extra outlay of around $402, while those residing in South Australia are looking at a hefty increase of $512.

The Burden on Small Businesses

It's not just households feeling the pinch; small businesses will also see the consequences of these rising energy prices, with increases between 14.7% to 28.9%.

The already fragile economy is sure to feel the burden as businesses struggle to keep their heads above water.

The Default Offer as a Safety Net

For those scratching their heads about the default offer, it serves as a backstop for around 9% of customers, preventing excessive charges on domestic users.

While many customers take advantage of lower, discounted rates, the default offer serves as a benchmark for wider prices.

The AER noted that stakeholder feedback was vital in shaping the final determination.

Reasons behind the Price Surge

The AER blames inflated wholesale energy costs on the rise in retail electricity prices. Clare Savage, Chair of the AER, underlined the care the agency took in considering the cost-of-living pressures faced by households and businesses. She recognised the need for retailers to recover their costs amidst these challenging times.

Savage also highlighted the importance of the default offer as a safety net for customers who haven't explored alternative power deals. She encouraged Aussies to shop around for the best options they could find.

'We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important the (default offer) provides a safety net for those who might not have shopped around for a better power deal,' she remarked.

'No one wants to see rising prices, and we recognise this is a difficult time, that's why consumers need to shop around for a better deal.'

'The DMO is a protection against unjustifiably high prices, but our job is to make sure retailers can also recover their costs.'

Future Outlook

The May budget estimated a 10% increase in retail electricity prices for the 2023/24 period.

According to Ms Savage, this price increase is better than initially predicted in September.

She added that if the government had not intervened in the energy market, prices could have risen by a staggering 35% to 50%.

However, she noted that it is too early to determine whether prices have peaked and will eventually decrease.

Key Takeaways

• Energy prices are set to skyrocket by up to 24% for millions of Australians, with some households facing bill hikes of up to $512 a year.
• About 600,000 households in New South Wales, southeast Queensland, and South Australia will be affected by the changes.
• The Australian Energy Regulator (AER) said the rise in retail electricity prices was being driven by high wholesale energy costs.
• AER chair Clare Savage encouraged consumers to shop around for better deals and emphasised the importance of the default offer as a safety net for those facing cost-of-living pressures.

So, while we brace ourselves for this upcoming increase, it's important to be proactive about reviewing our energy usage and the various deals available to us to make informed decisions and hopefully save some money in the long run.

Here are some tips to keep in mind when looking for a better electricity deal:

• Make sure the retailer you select is reliable and offers good customer service. You can do this by reading online reviews or checking if they have any star ratings.
• Read the fine print and make sure you understand what the deal does and doesn’t include.
• Consider whether the plan is flexible enough for your needs.
• Make sure you ask about any discounts or incentives that might be on offer, such as bulk-buying discounts.
• Determine if the plan would benefit you in the long term.

What are your tips for keeping electricity prices low? Let us know in the comments below – it just might save someone else from a financial shock in the future!

 

[mylittletibbies]

When is this going to stop.
I am in WA so I realise this doesn't really affect me, for now at least.
How do they expect people to live.
The country is going down gurgler at 100 kmh and where are our leaders in all this fiasco.
Pensioners have x amount of dollars to live on, at this rate government will need to raise pensions every 6 days not 6 months.

 

[OzBrown]

This will impact Electricity bills for those retired on pensions. As the Pension is always 6 months behind and uses data from the previous 12 months. So this will impact hard, What about those in Victoria, Tasmania and ACT as I do not see there price increases mentioned.

 

[Aventine]

In our fast-paced modern lives, an undeniable reality looms over us — living expenses have a knack for stealthily mounting up, relentlessly consuming our hard-earned money.

We understand how crucial it is for SDC members to maximise their pension or superannuation and keep more of it in the bank.

And oh, how we wish we had better news for you on this fine day! But the cost of living, including those pesky energy bills, continues to escalate, with seniors among the hardest hit.

It has recently been revealed by the Australian Energy Regulator (AER) that energy prices are set to soar to staggering new heights, leaving millions of Australians potentially facing bigger bills.

What was once a whisper about a potential 20% to 22% rise has now been confirmed as a whopping increase between 21% and 24% come July.

You read that right, folks – 24%! This now leaves around 600,000 households across New South Wales, southeast Queensland, and South Australia staring down the barrel of yearly bill hikes of up to $512.

View attachment 20645

Authorities announced price hikes on electricity bills, informing the general public of the additional charges they could be paying in the next few months. Credit: Shutterstock.

The Impact on Households

Your energy bills already seem like they burn a hole in your pocket, and this new pricing surge is set to burn through even more money.

Those in New South Wales can expect an increase of between $440 and $594 per year, depending on their location.

Residents in southeast Queensland have been forewarned about an extra outlay of around $402, while those residing in South Australia are looking at a hefty increase of $512.

The Burden on Small Businesses

It's not just households feeling the pinch; small businesses will also see the consequences of these rising energy prices, with increases between 14.7% to 28.9%.

The already fragile economy is sure to feel the burden as businesses struggle to keep their heads above water.

The Default Offer as a Safety Net

For those scratching their heads about the default offer, it serves as a backstop for around 9% of customers, preventing excessive charges on domestic users.

While many customers take advantage of lower, discounted rates, the default offer serves as a benchmark for wider prices.

The AER noted that stakeholder feedback was vital in shaping the final determination.

Reasons behind the Price Surge

The AER blames inflated wholesale energy costs on the rise in retail electricity prices. Clare Savage, Chair of the AER, underlined the care the agency took in considering the cost-of-living pressures faced by households and businesses. She recognised the need for retailers to recover their costs amidst these challenging times.

Savage also highlighted the importance of the default offer as a safety net for customers who haven't explored alternative power deals. She encouraged Aussies to shop around for the best options they could find.

'We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important the (default offer) provides a safety net for those who might not have shopped around for a better power deal,' she remarked.

'No one wants to see rising prices, and we recognise this is a difficult time, that's why consumers need to shop around for a better deal.'

'The DMO is a protection against unjustifiably high prices, but our job is to make sure retailers can also recover their costs.'

Future Outlook

The May budget estimated a 10% increase in retail electricity prices for the 2023/24 period.

According to Ms Savage, this price increase is better than initially predicted in September.

She added that if the government had not intervened in the energy market, prices could have risen by a staggering 35% to 50%.

However, she noted that it is too early to determine whether prices have peaked and will eventually decrease.

Key Takeaways

• Energy prices are set to skyrocket by up to 24% for millions of Australians, with some households facing bill hikes of up to $512 a year.
• About 600,000 households in New South Wales, southeast Queensland, and South Australia will be affected by the changes.
• The Australian Energy Regulator (AER) said the rise in retail electricity prices was being driven by high wholesale energy costs.
• AER chair Clare Savage encouraged consumers to shop around for better deals and emphasised the importance of the default offer as a safety net for those facing cost-of-living pressures.

So, while we brace ourselves for this upcoming increase, it's important to be proactive about reviewing our energy usage and the various deals available to us to make informed decisions and hopefully save some money in the long run.

Here are some tips to keep in mind when looking for a better electricity deal:

• Make sure the retailer you select is reliable and offers good customer service. You can do this by reading online reviews or checking if they have any star ratings.
• Read the fine print and make sure you understand what the deal does and doesn’t include.
• Consider whether the plan is flexible enough for your needs.
• Make sure you ask about any discounts or incentives that might be on offer, such as bulk-buying discounts.
• Determine if the plan would benefit you in the long term.

What are your tips for keeping electricity prices low? Let us know in the comments below – it just might save someone else from a financial shock in the future!

This increase is totally the result of government action as it was in Germany!
We chose not to use coal or nuclear this is a political decision only!
The rich renewable suppliers are becoming wealthier!!

 

[IAN3005]

When is this going to stop.
I am in WA so I realise this doesn't really affect me, for now at least.
How do they expect people to live.
The country is going down gurgler at 100 kmh and where are our leaders in all this fiasco.
Pensioners have x amount of dollars to live on, at this rate government will need to raise pensions every 6 days not 6 months.

Correct!!!! the last pension increase was an indult to intelligence.

 

[Penny4]

We received an email + call from our electricity supplier, to inform us they will be installing a digital meter reader in our meter box. It doesn't cost us anything, but how rude is that! Sacking people that will be made redundant with their job reading the meter. Yet again, people will be jobless.

 

[IAN3005]

This increase is totally the result of government action as it was in Germany!
We chose not to use coal or nuclear this is a political decision only!
The rich renewable suppliers are becoming wealthier!!

you think that increases are high???? just wait for the real increases once we are on renewable energy when the wind does not blow and the sun doesn't shine.

 

[OzBrown]

This increase is totally the result of government action as it was in Germany!
We chose not to use coal or nuclear this is a political decision only!
The rich renewable suppliers are becoming wealthier!!

Check the cost of Renewables it is cheaper, but the suppliers want to hide the cheap power to make more money. Do a search on figures given to Gov on power cost for each fuel type and Coal is the most costly.

 

[OzBrown]

you think that increases are high???? just wait for the real increases once we are on renewable energy when the wind does not blow and the sun doesn't shine.

That is why it is a mix of sources, Wind, Solar, Batteries, in some areas Hydro. Have a look at SA and also UK they have gone over 24 hours with only using Renewables and is getting better all the time to reduce Gas Peaker Plants which as the most expensive Electricity that we use, causing Prices to go up.

 

[OzBrown]

We received an email + call from our electricity supplier, to inform us they will be installing a digital meter reader in our meter box. It doesn't cost us anything, but how rude is that! Sacking people that will be made redundant with their job reading the meter. Yet again, people will be jobless.

It is hard with Technology taking jobs, but with the new meters you can have Solar also see what Power you are using at what times in the day to help understand what is using the power. What is really sad is now we see lots of jobs go, Supermarkets, Department stores, Service stations (when they cam out and filled the car etc) wonder when we will hit the tipping point of jobs being even less than workers.

 

[Petra]

In our fast-paced modern lives, an undeniable reality looms over us — living expenses have a knack for stealthily mounting up, relentlessly consuming our hard-earned money.

We understand how crucial it is for SDC members to maximise their pension or superannuation and keep more of it in the bank.

And oh, how we wish we had better news for you on this fine day! But the cost of living, including those pesky energy bills, continues to escalate, with seniors among the hardest hit.

It has recently been revealed by the Australian Energy Regulator (AER) that energy prices are set to soar to staggering new heights, leaving millions of Australians potentially facing bigger bills.

What was once a whisper about a potential 20% to 22% rise has now been confirmed as a whopping increase between 21% and 24% come July.

You read that right, folks – 24%! This now leaves around 600,000 households across New South Wales, southeast Queensland, and South Australia staring down the barrel of yearly bill hikes of up to $512.

View attachment 20645

Authorities announced price hikes on electricity bills, informing the general public of the additional charges they could be paying in the next few months. Credit: Shutterstock.

The Impact on Households

Your energy bills already seem like they burn a hole in your pocket, and this new pricing surge is set to burn through even more money.

Those in New South Wales can expect an increase of between $440 and $594 per year, depending on their location.

Residents in southeast Queensland have been forewarned about an extra outlay of around $402, while those residing in South Australia are looking at a hefty increase of $512.

The Burden on Small Businesses

It's not just households feeling the pinch; small businesses will also see the consequences of these rising energy prices, with increases between 14.7% to 28.9%.

The already fragile economy is sure to feel the burden as businesses struggle to keep their heads above water.

The Default Offer as a Safety Net

For those scratching their heads about the default offer, it serves as a backstop for around 9% of customers, preventing excessive charges on domestic users.

While many customers take advantage of lower, discounted rates, the default offer serves as a benchmark for wider prices.

The AER noted that stakeholder feedback was vital in shaping the final determination.

Reasons behind the Price Surge

The AER blames inflated wholesale energy costs on the rise in retail electricity prices. Clare Savage, Chair of the AER, underlined the care the agency took in considering the cost-of-living pressures faced by households and businesses. She recognised the need for retailers to recover their costs amidst these challenging times.

Savage also highlighted the importance of the default offer as a safety net for customers who haven't explored alternative power deals. She encouraged Aussies to shop around for the best options they could find.

'We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important the (default offer) provides a safety net for those who might not have shopped around for a better power deal,' she remarked.

'No one wants to see rising prices, and we recognise this is a difficult time, that's why consumers need to shop around for a better deal.'

'The DMO is a protection against unjustifiably high prices, but our job is to make sure retailers can also recover their costs.'

Future Outlook

The May budget estimated a 10% increase in retail electricity prices for the 2023/24 period.

According to Ms Savage, this price increase is better than initially predicted in September.

She added that if the government had not intervened in the energy market, prices could have risen by a staggering 35% to 50%.

However, she noted that it is too early to determine whether prices have peaked and will eventually decrease.

Key Takeaways

• Energy prices are set to skyrocket by up to 24% for millions of Australians, with some households facing bill hikes of up to $512 a year.
• About 600,000 households in New South Wales, southeast Queensland, and South Australia will be affected by the changes.
• The Australian Energy Regulator (AER) said the rise in retail electricity prices was being driven by high wholesale energy costs.
• AER chair Clare Savage encouraged consumers to shop around for better deals and emphasised the importance of the default offer as a safety net for those facing cost-of-living pressures.

So, while we brace ourselves for this upcoming increase, it's important to be proactive about reviewing our energy usage and the various deals available to us to make informed decisions and hopefully save some money in the long run.

Here are some tips to keep in mind when looking for a better electricity deal:

• Make sure the retailer you select is reliable and offers good customer service. You can do this by reading online reviews or checking if they have any star ratings.
• Read the fine print and make sure you understand what the deal does and doesn’t include.
• Consider whether the plan is flexible enough for your needs.
• Make sure you ask about any discounts or incentives that might be on offer, such as bulk-buying discounts.
• Determine if the plan would benefit you in the long term.

What are your tips for keeping electricity prices low? Let us know in the comments below – it just might save someone else from a financial shock in the future!

I live in bankrupt state Victoria and it's horrible here. More people are homeless here and it's hard to put a meal on the table. I am on a DP and I sometimes eat every second day.

 

[Penny4]

It is hard with Technology taking jobs, but with the new meters you can have Solar also see what Power you are using at what times in the day to help understand what is using the power. What is really sad is now we see lots of jobs go, Supermarkets, Department stores, Service stations (when they cam out and filled the car etc) wonder when we will hit the tipping point of jobs being even less than workers.

I agree. Just yesterday, I was at a Westfield shopping centre and went to Coles. All the manned check-outs had disappeared and replaced with a row of self serve check-outs. I saw there was only 3 staff to supervise and help people. They need to fix their software on those self serves, as they are painfully slow compared to manned ones. I'm quite tall, and have to continually bend down to the low shelf, to put the items in my bags. Otherwise, I place them in the trolley and pack them at the car.
Perhaps supermarkets want us to all use online shopping and never go there.

 

[robbie's]

We received an email + call from our electricity supplier, to inform us they will be installing a digital meter reader in our meter box. It doesn't cost us anything, but how rude is that! Sacking people that will be made redundant with their job reading the meter. Yet again, people will be jobless.

Absolutely. I couldn't agree more,
But it goes further than that really,
Email from council, internet bills and so and,
If your receiving email, you've taken the good old postie from another job.

Also i feel the government are getting to greedy for there god dam pockets.
We have that many people living here in qld, and even more moving up here to live.
Sorry I carn't justerfy the cost of living here
I feel it should be cheaper here I gods country, but its not
Greedy greedy greedy

 

[donandviv77]

In our fast-paced modern lives, an undeniable reality looms over us — living expenses have a knack for stealthily mounting up, relentlessly consuming our hard-earned money.

We understand how crucial it is for SDC members to maximise their pension or superannuation and keep more of it in the bank.

And oh, how we wish we had better news for you on this fine day! But the cost of living, including those pesky energy bills, continues to escalate, with seniors among the hardest hit.

It has recently been revealed by the Australian Energy Regulator (AER) that energy prices are set to soar to staggering new heights, leaving millions of Australians potentially facing bigger bills.

What was once a whisper about a potential 20% to 22% rise has now been confirmed as a whopping increase between 21% and 24% come July.

You read that right, folks – 24%! This now leaves around 600,000 households across New South Wales, southeast Queensland, and South Australia staring down the barrel of yearly bill hikes of up to $512.

View attachment 20645

Authorities announced price hikes on electricity bills, informing the general public of the additional charges they could be paying in the next few months. Credit: Shutterstock.

The Impact on Households

Your energy bills already seem like they burn a hole in your pocket, and this new pricing surge is set to burn through even more money.

Those in New South Wales can expect an increase of between $440 and $594 per year, depending on their location.

Residents in southeast Queensland have been forewarned about an extra outlay of around $402, while those residing in South Australia are looking at a hefty increase of $512.

The Burden on Small Businesses

It's not just households feeling the pinch; small businesses will also see the consequences of these rising energy prices, with increases between 14.7% to 28.9%.

The already fragile economy is sure to feel the burden as businesses struggle to keep their heads above water.

The Default Offer as a Safety Net

For those scratching their heads about the default offer, it serves as a backstop for around 9% of customers, preventing excessive charges on domestic users.

While many customers take advantage of lower, discounted rates, the default offer serves as a benchmark for wider prices.

The AER noted that stakeholder feedback was vital in shaping the final determination.

Reasons behind the Price Surge

The AER blames inflated wholesale energy costs on the rise in retail electricity prices. Clare Savage, Chair of the AER, underlined the care the agency took in considering the cost-of-living pressures faced by households and businesses. She recognised the need for retailers to recover their costs amidst these challenging times.

Savage also highlighted the importance of the default offer as a safety net for customers who haven't explored alternative power deals. She encouraged Aussies to shop around for the best options they could find.

'We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important the (default offer) provides a safety net for those who might not have shopped around for a better power deal,' she remarked.

'No one wants to see rising prices, and we recognise this is a difficult time, that's why consumers need to shop around for a better deal.'

'The DMO is a protection against unjustifiably high prices, but our job is to make sure retailers can also recover their costs.'

Future Outlook

The May budget estimated a 10% increase in retail electricity prices for the 2023/24 period.

According to Ms Savage, this price increase is better than initially predicted in September.

She added that if the government had not intervened in the energy market, prices could have risen by a staggering 35% to 50%.

However, she noted that it is too early to determine whether prices have peaked and will eventually decrease.

Key Takeaways

• Energy prices are set to skyrocket by up to 24% for millions of Australians, with some households facing bill hikes of up to $512 a year.
• About 600,000 households in New South Wales, southeast Queensland, and South Australia will be affected by the changes.
• The Australian Energy Regulator (AER) said the rise in retail electricity prices was being driven by high wholesale energy costs.
• AER chair Clare Savage encouraged consumers to shop around for better deals and emphasised the importance of the default offer as a safety net for those facing cost-of-living pressures.

So, while we brace ourselves for this upcoming increase, it's important to be proactive about reviewing our energy usage and the various deals available to us to make informed decisions and hopefully save some money in the long run.

Here are some tips to keep in mind when looking for a better electricity deal:

• Make sure the retailer you select is reliable and offers good customer service. You can do this by reading online reviews or checking if they have any star ratings.
• Read the fine print and make sure you understand what the deal does and doesn’t include.
• Consider whether the plan is flexible enough for your needs.
• Make sure you ask about any discounts or incentives that might be on offer, such as bulk-buying discounts.
• Determine if the plan would benefit you in the long term.

What are your tips for keeping electricity prices low? Let us know in the comments below – it just might save someone else from a financial shock in the future!

Come on, this is not April Fools Day, I understood that Albo, when he had his feet on the ground prior to the last election, promised a reduction on our power bills. Remember, this 24 % rise is on top of the already implemented Gas and Electricity price rises every individual and manufacturer have had to accept since Albo and his equally allegedly inept Treasurer Chalmers and that alleged liar Bowen were voted in based on their promises. Thank the good Lord I am getting closer to meeting my maker but I worry about what type of future we are leaving our Grandchildren what with the electorate accepting these hypothetical humankind caused global worming ideas over proven natural occurring climate change results seen around the world every day. A real pity these zealots did not place as much importance on the damage to our earth being caused by pollution.

I wonder when we will get some real politicians with the balls to get build the latest technology coal fired Electric Generators similar to what Japan, China and India are building. Just think, if China for example had not championed coal fired power stations half their population would be starving due to the lack of nutrients provided by the exhausts.

 

[donandviv77]

you think that increases are high???? just wait for the real increases once we are on renewable energy when the wind does not blow and the sun doesn't shine.

Knowing how this allegedly corrupt Government thinks, Chalmers will probably introduce a tariff charging consumers for not receiving Gas or Electricity when demand exceeds supply.

 

[BJM]

It is hard with Technology taking jobs, but with the new meters you can have Solar also see what Power you are using at what times in the day to help understand what is using the power. What is really sad is now we see lots of jobs go, Supermarkets, Department stores, Service stations (when they cam out and filled the car etc) wonder when we will hit the tipping point of jobs being even less than workers.

In the summer months I turn my hot water system off. During winter I have my hot water system off until the water temp drops considerably and then I switch it back on at 10pm at night and then off in the morning. This process usually gives me enough hot water for a week or so. I don’t like hot showers anyway. My system “controlled” heats up between 10 pm and 7am each night. By doing this my usage drops at least 4kw/ hour each day.

 

[rehandra]

In our fast-paced modern lives, an undeniable reality looms over us — living expenses have a knack for stealthily mounting up, relentlessly consuming our hard-earned money.

We understand how crucial it is for SDC members to maximise their pension or superannuation and keep more of it in the bank.

And oh, how we wish we had better news for you on this fine day! But the cost of living, including those pesky energy bills, continues to escalate, with seniors among the hardest hit.

It has recently been revealed by the Australian Energy Regulator (AER) that energy prices are set to soar to staggering new heights, leaving millions of Australians potentially facing bigger bills.

What was once a whisper about a potential 20% to 22% rise has now been confirmed as a whopping increase between 21% and 24% come July.

You read that right, folks – 24%! This now leaves around 600,000 households across New South Wales, southeast Queensland, and South Australia staring down the barrel of yearly bill hikes of up to $512.

View attachment 20645

Authorities announced price hikes on electricity bills, informing the general public of the additional charges they could be paying in the next few months. Credit: Shutterstock.

The Impact on Households

Your energy bills already seem like they burn a hole in your pocket, and this new pricing surge is set to burn through even more money.

Those in New South Wales can expect an increase of between $440 and $594 per year, depending on their location.

Residents in southeast Queensland have been forewarned about an extra outlay of around $402, while those residing in South Australia are looking at a hefty increase of $512.

The Burden on Small Businesses

It's not just households feeling the pinch; small businesses will also see the consequences of these rising energy prices, with increases between 14.7% to 28.9%.

The already fragile economy is sure to feel the burden as businesses struggle to keep their heads above water.

The Default Offer as a Safety Net

For those scratching their heads about the default offer, it serves as a backstop for around 9% of customers, preventing excessive charges on domestic users.

While many customers take advantage of lower, discounted rates, the default offer serves as a benchmark for wider prices.

The AER noted that stakeholder feedback was vital in shaping the final determination.

Reasons behind the Price Surge

The AER blames inflated wholesale energy costs on the rise in retail electricity prices. Clare Savage, Chair of the AER, underlined the care the agency took in considering the cost-of-living pressures faced by households and businesses. She recognised the need for retailers to recover their costs amidst these challenging times.

Savage also highlighted the importance of the default offer as a safety net for customers who haven't explored alternative power deals. She encouraged Aussies to shop around for the best options they could find.

'We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important the (default offer) provides a safety net for those who might not have shopped around for a better power deal,' she remarked.

'No one wants to see rising prices, and we recognise this is a difficult time, that's why consumers need to shop around for a better deal.'

'The DMO is a protection against unjustifiably high prices, but our job is to make sure retailers can also recover their costs.'

Future Outlook

The May budget estimated a 10% increase in retail electricity prices for the 2023/24 period.

According to Ms Savage, this price increase is better than initially predicted in September.

She added that if the government had not intervened in the energy market, prices could have risen by a staggering 35% to 50%.

However, she noted that it is too early to determine whether prices have peaked and will eventually decrease.

Key Takeaways

• Energy prices are set to skyrocket by up to 24% for millions of Australians, with some households facing bill hikes of up to $512 a year.
• About 600,000 households in New South Wales, southeast Queensland, and South Australia will be affected by the changes.
• The Australian Energy Regulator (AER) said the rise in retail electricity prices was being driven by high wholesale energy costs.
• AER chair Clare Savage encouraged consumers to shop around for better deals and emphasised the importance of the default offer as a safety net for those facing cost-of-living pressures.

So, while we brace ourselves for this upcoming increase, it's important to be proactive about reviewing our energy usage and the various deals available to us to make informed decisions and hopefully save some money in the long run.

Here are some tips to keep in mind when looking for a better electricity deal:

• Make sure the retailer you select is reliable and offers good customer service. You can do this by reading online reviews or checking if they have any star ratings.
• Read the fine print and make sure you understand what the deal does and doesn’t include.
• Consider whether the plan is flexible enough for your needs.
• Make sure you ask about any discounts or incentives that might be on offer, such as bulk-buying discounts.
• Determine if the plan would benefit you in the long term.

What are your tips for keeping electricity prices low? Let us know in the comments below – it just might save someone else from a financial shock in the future!

I am very thankful that here in WA we did not privatise our electricity. So much for cheaper prices when you have competition!

 

[Pat T]

Correct!!!! the last pension increase was an indult to intelligence.

What is the good of pension increase? Every time the government mentions a $5 + increase everyone gets on the bandwagon and costs are an extra $50. Seen it happen so many times over the years that I now know it’s coming.

 

[Bridgit]

They keep telling us to shop around - duh - we have one supplier where I am.

 

[Patti Harding]

In our fast-paced modern lives, an undeniable reality looms over us — living expenses have a knack for stealthily mounting up, relentlessly consuming our hard-earned money.

We understand how crucial it is for SDC members to maximise their pension or superannuation and keep more of it in the bank.

And oh, how we wish we had better news for you on this fine day! But the cost of living, including those pesky energy bills, continues to escalate, with seniors among the hardest hit.

It has recently been revealed by the Australian Energy Regulator (AER) that energy prices are set to soar to staggering new heights, leaving millions of Australians potentially facing bigger bills.

What was once a whisper about a potential 20% to 22% rise has now been confirmed as a whopping increase between 21% and 24% come July.

You read that right, folks – 24%! This now leaves around 600,000 households across New South Wales, southeast Queensland, and South Australia staring down the barrel of yearly bill hikes of up to $512.

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Authorities announced price hikes on electricity bills, informing the general public of the additional charges they could be paying in the next few months. Credit: Shutterstock.

The Impact on Households

Your energy bills already seem like they burn a hole in your pocket, and this new pricing surge is set to burn through even more money.

Those in New South Wales can expect an increase of between $440 and $594 per year, depending on their location.

Residents in southeast Queensland have been forewarned about an extra outlay of around $402, while those residing in South Australia are looking at a hefty increase of $512.

The Burden on Small Businesses

It's not just households feeling the pinch; small businesses will also see the consequences of these rising energy prices, with increases between 14.7% to 28.9%.

The already fragile economy is sure to feel the burden as businesses struggle to keep their heads above water.

The Default Offer as a Safety Net

For those scratching their heads about the default offer, it serves as a backstop for around 9% of customers, preventing excessive charges on domestic users.

While many customers take advantage of lower, discounted rates, the default offer serves as a benchmark for wider prices.

The AER noted that stakeholder feedback was vital in shaping the final determination.

Reasons behind the Price Surge

The AER blames inflated wholesale energy costs on the rise in retail electricity prices. Clare Savage, Chair of the AER, underlined the care the agency took in considering the cost-of-living pressures faced by households and businesses. She recognised the need for retailers to recover their costs amidst these challenging times.

Savage also highlighted the importance of the default offer as a safety net for customers who haven't explored alternative power deals. She encouraged Aussies to shop around for the best options they could find.

'We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important the (default offer) provides a safety net for those who might not have shopped around for a better power deal,' she remarked.

'No one wants to see rising prices, and we recognise this is a difficult time, that's why consumers need to shop around for a better deal.'

'The DMO is a protection against unjustifiably high prices, but our job is to make sure retailers can also recover their costs.'

Future Outlook

The May budget estimated a 10% increase in retail electricity prices for the 2023/24 period.

According to Ms Savage, this price increase is better than initially predicted in September.

She added that if the government had not intervened in the energy market, prices could have risen by a staggering 35% to 50%.

However, she noted that it is too early to determine whether prices have peaked and will eventually decrease.

Key Takeaways

• Energy prices are set to skyrocket by up to 24% for millions of Australians, with some households facing bill hikes of up to $512 a year.
• About 600,000 households in New South Wales, southeast Queensland, and South Australia will be affected by the changes.
• The Australian Energy Regulator (AER) said the rise in retail electricity prices was being driven by high wholesale energy costs.
• AER chair Clare Savage encouraged consumers to shop around for better deals and emphasised the importance of the default offer as a safety net for those facing cost-of-living pressures.

So, while we brace ourselves for this upcoming increase, it's important to be proactive about reviewing our energy usage and the various deals available to us to make informed decisions and hopefully save some money in the long run.

Here are some tips to keep in mind when looking for a better electricity deal:

• Make sure the retailer you select is reliable and offers good customer service. You can do this by reading online reviews or checking if they have any star ratings.
• Read the fine print and make sure you understand what the deal does and doesn’t include.
• Consider whether the plan is flexible enough for your needs.
• Make sure you ask about any discounts or incentives that might be on offer, such as bulk-buying discounts.
• Determine if the plan would benefit you in the long term.

What are your tips for keeping electricity prices low? Let us know in the comments below – it just might save someone else from a financial shock in the future!

shop around for a lower wattage heater, we bought a ceramic heater with a 450 watt element which should reduce our electricity consumption from our 2KW bar heater.