Electricity prices have climbed 15.6 percent in the last year hitting consumers and businesses hard, latest ABS data reveals.
According to the ABS data, electricity prices are up 15.6 percent Australia wide in just one year. In New South Wales, electricity prices have risen 21.7 percent, water has jumped 14.8 percent and gas has climbed 7.4 percent.
As a result, complaints to the Energy and Water Ombudsman have climbed 17 percent in the past six months, since the new prices were introduced in July.
Ombudsman Clare Petrie said it is clear that families are struggling.
“Clearly people are struggling… households are hit with a double whammy of higher costs and higher usage. It ends up knocking people for six.”
According to Tim Wolfenden, CEO of Make it Cheaper, Australia’s first dedicated price comparison and switching service for small business, small businesses are also doing it tough, and will have to increase their own prices to consumers as a result.
“Small businesses are seeing serious energy bill increases of around $1200, and because of this, consumers are getting a double whammy. Not only are they seeing household energy bills go up, consumers will be impacted by many businesses passing on these costs to the end price the consumer pays for the product or service,” he said.
Wolfenden said consumers and businesses need to recognise how they can help themselves by switching to a cheaper energy supplier, and at the same time, think about how they can become more efficient in their energy usage.
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