Labor’s disastrous eleventh-hourenergy intervention has failed to reduce skyrocketing power prices with many Australians today copping a massive increase to their gas bill of up to $1,000 per year.
The price spikes, of 26 percent on average, will impact AGL, Energy Australia and Origin Energy customers in New South Wales, Queensland, Victoria, South Australia and the ACT.
Despite Labor’s promise that energy prices would come down by $275, the worst is yet to come, with expectations that electricity prices will increase by more than 63 percent and gas prices by 40 percent over the next financial year.
Household budgets are already being stretched under Labor by runaway interest rates, soaring grocery and fuel prices and Australians cannot afford another hit to the budget.
This issue could have been averted if Labor had acted sooner.
The Coalition’s calls for urgent action into the energy market were echoed by industry experts for six months before the Albanese Labor Government were finally forced to respond.
But despite taking months to act the Government’s response was panicked, rushed and ultimately did nothing to help households.
It has not worked, and Australians are paying the price.