While electricity prices doubled under Labor, we have begun to turn the corner on power prices.

ABS data shows the average price of electricity fell by around 3.5% in the last year (to December 2019).

The Government is working to reduce power prices. This includes:

  • Stopping price gouging by big energy companies.
  • Our big stick legislation, which introduces significant penalties for companies that rip off customers.
  • Banning sneaky late payment penalties and requiring energy companies to pass savings onto customers.
  • A price safety net for customers.

From 1 July 2019, customers who don’t have time to shop around are no longer hit by a “loyalty tax”.

The default market offer has already seen prices fall for around 800,000 residential and small business customers in South East Queensland, NSW and SA.

Savings are estimated at up to $190 for households, so far.

To improve competition, lower prices and guarantee supply, the Government is backing new, dispatchable generation (that is, power that is available 24/7).

Twelve projects have been shortlisted – six renewable pumped hydro projects, five gas projects and one coal upgrade project.

Our plan builds on previous measures to lower energy costs, including:

  • requiring power companies to provide better deals;
  • securing priority gas supply for Australia;
  • putting downward pressure on network costs (which are passed on to customers) by stopping the energy networks from gaming the system; and
  • our Energy Made Easy website, which makes it easier to get a better deal.

To further support pensioners and many other Australians we provided one-off $365 million Energy Assistance Payments to help with energy bills – $75 for singles and $125 for couples.

Information current as at February 2020