Energy bill rebates softened cost of living pressures in 2023
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The news: Energy bills soared over the third quarter of 2023, with the competition regulator’s latest report showing a complex picture of struggling households and government support.
The numbers: The new report found that median residential energy bills in the third quarter of 2023 would have been 14% higher, or $46.64, without government energy rebates. This was most profound in South East Queensland where households avoided a 102% jump in payments.
Despite the government support, and a record amount of rooftop solar generation helming keep residential bills down, the number of customers on hardship programs increased 18% from 2022 to 2023.
The context: The federal and state governments have extended energy subsidies into 2024 in a bid to lift cost of living pressures on households. Concerns about rising costs of energy have become a live issue for the upcoming federal election with opposition leader Peter Dutton pitching nuclear power as part of his proposal to deal with the energy transition and long-term energy bills.
What they said: “From next week, we have even more cost of living relief on the way, including more rebates for more households and small businesses,” Treasurer Jim Chalmers said.
Minister for Climate Change and Energy Chris Bowen said the government was making the energy market fairer to ensure better deals on electricity bills.
“We’re working to deliver ‘one-click-switch’ to a cheaper energy deal, cutting excess fees and charges, and making sure anyone eligible for a bill discount gets it, investing in the Australian Energy Regulator to boost capacity and information for households on energy choices, and reviewing electricity market laws to ensure consumers can be protected from misconduct,” Bowen said.
The source: ACCC Electricity Market Inquiry Report and government statement
