Power prices fall 8.8%

Households could save $126/yr thanks to falling power prices

Electricity prices have fallen almost 9% since the middle of last year, resulting in large potential savings for households in eastern and southern states.

That’s the finding of Australia’s competition and consumer watchdog, the ACCC.

Retail electricity offers now available to households in NSW, Victoria, south-east Queensland, South Australia and the ACT are, on average, 8.8% lower than in June 2020, which equates to an average annual household saving of $126.

Wholesale electricity costs have fallen due to an increase in renewable generation and a decrease in fuel costs.

The ACCC is encouraging households to shop around and switch to cheaper plans.

That said, electricity retailers are required to pass on cuts in wholesale power costs, as per laws that were introduced in June 2020.

Consumers in NSW, south-east Queensland, South Australia, Tasmania and the ACT can use Energy Made Easy to compare offers. Victorian consumers can use Victorian Energy Compare.

Loyal borrowers hit with loyalty tax

Borrowers who stick with the same lender year after year are probably being slugged with...

RBA urges banks to keep lending standards high

Reserve Bank governor Philip Lowe has reminded banks they need to continue rigorously assessing home...

Property market sets new record

The total value of residential dwellings in Australia has surpassed $8 trillion for the first...

Government releasing 30,000 grant spots

From July 1, the federal government will release a total of 30,000 openings in three...

How to get a great loan in hot market

With the property market running hot, mortgage lending is at historically high levels, according to...

Banking system in good health

Australians with mortgages significantly increased their financial buffers last year, according to Reserve Bank of...

Home builder construction extension

Were you one of the 121,000 people who took advantage of the HomeBuilder grant?

Power prices fall 8.8%

Households could save $126/yr thanks to falling power prices.

Leave a Reply

Your email address will not be published. Required fields are marked *