AUSTRALIAN businesses and households are set to feel further pain next year as bosses of energy companies warn that electricity prices will keep rising. This will only heighten the pressure that already sits on the shoulders of small and medium businesses, millions of home owners and renters who are already struggling with the cost of living and inflation.
Russia’s invasion of Ukraine and Australia’s aversion to fossil fuels as we transition into renewable energy have led to this new uprise in energy costs. The jump that’s estimated for power tariffs next year which has been based on increases in wholesale prices, adds to an increase of 18% as recent as July 1.
The Labor party made promises that power prices would drop by 2025 prior to this year’s election and despite the ominous signs that this won’t be the case, climate change and energy minister Chris Bowen stands by it. "We remain of the view that renewables are the cheapest form of energy." Bowen said.