The Australian Bureau of Statistics’ (ABS) Consumer Price Index (CPI) update has outlined a drop in electricity prices in the September 2020 quarter.
The ABS found electricity continued to fall by 0.7 per cent for the quarter nationally and 2.5 per cent through the year.
This is the seventh straight quarter of ABS CPI electricity price reductions compared to the corresponding quarter of the previous year.
This follows recent reports from the Australian Energy Market Operator (AEMO) that wholesale electricity prices in the National Electricity Market (NEM) have dropped to levels not seen since 2014, and the Australian Competition and Consumer Commission (ACCC) that found households and small businesses were paying less for their electricity.
Federal Energy Minister, Angus Taylor, said, “We now have seven consecutive quarters of price reductions nationally, and nine consecutive quarters in Sydney and Adelaide – that’s price falls in every single quarter under the Morrison Government.
“The Government’s initiatives are clearly working to drive down prices for Australian households and businesses.
“This good news comes at a time when families and business owners are dealing with the impacts of the COVID-19 pandemic.”
There are still better deals available and consumers can cut their costs by comparing offers in the market and switching suppliers.
The ACCC found typical residential customers could save up to $219 by shopping around, while typical small businesses could save $424 a year.
The Government’s free energy comparison website, energymadeeasy.gov.au compares all available offers in the region and is an excellent resource for families and small businesses to find the best deal for their energy needs.
The Government will continue to deliver reforms across the electricity market that put downward pressure on prices and ensure families and businesses have access to affordable, reliable power.