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NewsThe Government Could Slash Your Power Bill by Up to $750
The Government Could Slash Your Power Bill by Up to $750

The Government Could Slash Your Power Bill by Up to $750

Tags: Energy Information
Last updated by The FiftyUp Team on

Australian energy bills are at an all-time high and they’ve become the number one political issue in the country. A new 400-page report from consumer watchdog the Australian Competition and Consumer Commission has recommended 56 changes to the Australian energy market that they say could save Aussie homes up to $750 on their annual bill.

We read the report so you didn’t have to and here are 5 things you need to know.

  1. Loyalty doesn’t pay Switchers benefit most from the current energy market, rather than those who stay loyal to a provider, the ACCC says.
  1. It’s too hard to compare Energy offers, but that could change You’re not alone if you find it hard to compare all those rates and discounts and work out which offer is cheapest. The ACCC agrees.
  1. You need to look at both the discount AND the rates Even if the government enacts all the ACCC’s recommendations, it will take months not weeks, so in the meantime you need to keep looking at both rates and discounts when comparing.
  1. ‘Pay-on-time’ discounts could become a thing of the past These are great if you’re an on-time payer and they can be as high as 30% or even 40% in some cases, but they can act as a penalty for late payers who miss out on the discount and end up paying the full amount.
  1. Reforms could save households $500 to $750 per annum If governments follow through and accept all the ACCC’s recommendations, the watchdog claims they could save us $500 to $750 per annum (25-35 per cent) per household.

“Similarly, small and medium businesses could save $1450-$2250 (30-35 per cent) per year by moving to a standard ‘default’ offer. Currently over 20 per cent of small businesses are on high ‘standing’ offers.”

Estimated electricity bill savings

 

VIC

NSW

SE QLD

SA

TAS

Average residential customer

$290

20%

$410

24%

$420

25%

$370

21%

$415

21%

Average residential standing offer customer

$500

30%

$550

30%

$500

25%

$750

35%

  *  

Average SME customer

$600

20%

$1050

25%

$950

25%

$800

20%

  *  

Average SME standing offer customer

$2000

35%

$2250

35%

$1450

30%

$1500

30%

 *   

* As electricity prices are regulated in Tasmania there is no distinction for standing offer customers. Equivalent SME data to other states was not available for this analysis.

Source: ACCC

Originally posted on .

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The Government Could Slash Your Power Bill by Up to $750

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Ray
Ray from QLD commented:

Be careful using companies that advise on who to use. They can be less than honest. Double check every aspect of the offer, including terms. 

Rita
Rita from VIC commented:

I receive 42% discount from Simply Energy Gas, but when I compared my bill with my sister's, who only receives 35% from the same company, I am charged a higher rate. 

Sue
Sue from NSW commented:

What is an Average SME customer? What does SME stand for? 

ANNE
ANNE from WA commented:

so was there an earthquake & WA sunk into the sea ???? 

john
john from VIC commented:

if the govt. was serious they would mandate a CIVILIZED solar rebate . we are forced to sell at .115 cents kw then forced to buy it straight back at .39 cents kw ,and batteries are still years away from a feasible option . 

Someone
Someone from WA commented:

Why does WA have no energy saving ideas?? 

FiftyUp Club
FiftyUp Club commented:

There was no information listed in the ACCC report. 

Someone
Someone from VIC commented:

It's all rubbish there's little savings for the poorest the pentioners who need protecting . The government is corrupt there all crooks they won't give anybody anything except themselves. They fetherr there own nest and shit in ours. 

ANNE
ANNE from WA commented:

feather ?? 

Someone
Someone from NSW commented:

A pack of lies. This Government only knows how to make power more expensive. Turnbull has already lied when he said power had already become cheaper. Of course, he can't back up that statement. 

Andrew
Andrew from WA commented:

You left out Western Australia! 

Allan
Allan from NSW commented:

I think it would be very helpful if the Fifty Up Club published the rates and discounts of all the energy suppliers so we can make a correct choice. I have changed suppliers about 5 or 6 times as different packages are offered, but I really don't know if their rates are the same so I and many others are dancing in the dark as far as the best deal is concerned. 

Someone
Someone from VIC replied to Allan:

I agree totaly the whole things a con. More people are going to get cut off. It's always the poor and the pentioners subsidy is a shamefull joke 

Carol
Carol from QLD replied to Allan:

I am in agreement with you Allan I am in Queensland and have been switching around a bit but when the bill arrives I can't see any benefit. 

ANNE
ANNE from WA replied to Allan:

allan , read your bill carefully . all rates should be shown , also their account keeping fees should be shown these vary . account keeping fees ??? the meters only read every 2 months so what are these fees we should be asking! 

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