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Australia is bracing for another quarterly surge in electricity costs after forecasting a 56% increase in its budget.
Jim Chalmers’ initial budget included Treasury estimates that retail electricity prices would rise by an average of 20% by the end of the 2022-23 fiscal year. Many people have already tasted that increase that began on July 1st in most jurisdictions.
The Ministry of Finance predicts a sharp rise in energy prices.credit:Kathleen Adele
A further 30% increase is projected for the next fiscal year.
According to CommSec Chief Economist Craig James, Australian households spent an average of $32 a week on electricity in the June 2022 quarter, with an average quarterly electricity bill of $416.
A 56% increase in that average price by the end of fiscal 2023-24 brings the quarterly total to $648.96, $232.96 more than the June 2022 quarter.
Use the calculator below and enter the price you paid for your June 2022 quarterly electricity bill to see an estimate based on Treasury projections.
Be aware that there are many factors and variations such as different states and energy providers that ultimately determine the price. This is a national average forecast.
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