Australian households are burdened with another year of unaffordable energy costs as the new financial year’s electricity prices start applying from this week.

The new prices confirm that Labor has broken its promise to reduce household power bills by $275, with Australians instead paying among the most expensive power bills in the world.

The Australian Energy Regulator is responsible for setting what’s known as the ‘reference price’ for electricity which signifies the cost of an average Australian energy bill.

The new prices announced by the Australian Energy Regulator (AER) for the 2024-25 financial year reveal that:
o Residents in NSW will pay up to $1,062 (39%) more than Labor promised.
o Residents in QLD, will pay up to $948 (39%) more than Labor promised.
o Residents in SA, will pay up to $958 (33%) more than Labor promised.
o Residents in Vic, will pay up to $657 (25%) more than Labor promised.

Soaring power prices have already wreaked havoc on household budgets, with 127,000 households now on hardship arrangements with their electricity retailer.

Shadow Minister for Climate Change and Energy, Ted O’Brien said Labor’s energy plan was hurting households.

“Every single week since Labor took office, 600 households on average have been plunged into hardship arrangements with their electricity retailer,” Mr O’Brien said.

Shadow Minister for Energy Affordability, Melissa McIntosh, said everyday Australians have had enough of the energy spin from Labor.

“Families across the country are struggling to pay their energy bills because of Labor’s renewables-only energy policy,” Ms McIntosh said.

Federal Member for Flynn, Colin Boyce has witnessed the impact of skyrocketing energy costs firsthand in the electorate of Flynn.

“Every household in Flynn is suffering under the alarming energy policies of the Labor Government,” Mr Boyce said.

“Prices are up, and families are being forced onto hardship arrangements just to keep the lights on.

“New energy prices that begin to take effect this week reveal that members of my community will be around $948 worse off than Labor promised them.

“Even after spending $6.5 billion of taxpayers’ money to mop up its failed energy policy, Labor is still not even close to achieving its promise of a $275 reduction in power bills.”

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