Now’s the time to get a better deal on your energy

As Australian household budgets are becoming increasingly stretched due to the rising cost of living, slow wage growth and the effects of COVID-19, there is finally some relief in sight.

With energy prices tipped to fall over the next two years, even the government is saying that now is the time for Aussie households to compare providers to ensure you are with the best electricity and gas supplier.

It’s why comparison sites like ElectricityandGas.com.au exist. It’s a way for households to check if they could get a better deal on their energy bills, especially given the rising costs of the last decade.

In 2019, energy prices hit an all-time high in Victoria and New South Wales. Queensland, South Australia and Tasmania all recorded the second highest energy prices on record^[1].

In addition to being hit with among the highest energy rates in the world^[2], Australian households are also paying significantly more for other essential services such as secondary education, medical and hospital services, and housing than we were at the start of this century.

At the same time, slow wage growth — just 0.2% over the past six years^[3] — is putting extra cost-of-living pressure on Australian households.

The economic effects of the COVID-19 pandemic are also expected to take a toll in the coming months with the Australian Bureau of Statistics (ABS) revealing that 72% of businesses have reported reduced cash flow^[4] due to the outbreak.

However, there may be some relief in sight for Australian households. The Australian Energy Market Commission (AEMC) expects annual residential energy bills to decrease by an average of $97^[5] between now and 2022.

But to secure cheaper electricity and gas rates, AMEC is encouraging consumers^[1] to get more active in the market. That’s why it’s more important than ever to compare energy and gas suppliers to ensure you receive the predicted savings.

It’s why online comparison service ElectricityandGas.com.au is putting the power back into your hands. It empowers Australian consumers to compare name brand electricity providers all in one place to help you save time and money.

Simply visit Electricity and Gas to easily and quickly compare electricity providers, plans and prices. The trusted online service searches a database of local energy companies to bring you what’s on offer, with options targeted to your needs so you can make an informed choice.

With Australian household budgets being stretched on multiple fronts, you can seize the power back and stop overpaying for your energy. By using ElectricityandGas.com.au you can compare energy providers and to find the provider that best suits your needs and budget.

[Disclaimer]

This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.

^[1] AEMC, Quarterly Energy Dynamics Q1 2019: https://www.aemo.com.au/-/media/Files/Media_Centre/2019/QED-Q1-2019.pdf

^[2] Power Technology, Can Australia Bring Its Sky-High Energy Rates down (1 Oct 2018): https://www.power-technology.com/features/australia-energy-prices/

^[3] ABC, wage growth stagnates, 14 Aug 2019: https://www.abc.net.au/news/2019-08-14/wage-growth-remains-stagnant-in-q2/11412228

^[4] Australian Bureau of Statistics, Anticipated adverse business impacts due to COVID-19, 4 May 2020: https://www.abs.gov.au/ausstats/[email protected]/Latestproducts/5676.0.55.003Main%20Features3April%202020

^[5] AMEC, Residential Electricity Price Trends, 9 December 2019: https://www.abs.gov.au/ausstats/[email protected]/Latestproducts/5676.0.55.003Main%20Features3April%202020

^[6] ABS, Keeping costs down in the age of Coronavirus, 6 May 2020: https://www.abs.gov.au/ausstats/[email protected]/Latestproducts/5676.0.55.003Main%20Features3April%202020