Budget Blues

The 2022 budget predicts a 20% increase to electricity prices this year, and a further 30% next year.

Budget Blues
Jim Chalmers' first budget includes bleak forecast for the Australian energy markets

Treasurer Jim Chalmers presented his first budget on Tuesday 25 October.

Reflecting the recent analysis from Bill Hero in our Savings as a Service newsletter, the 2022 Budget Papers include bleak forecasts for electricity and gas prices.

Retail electricity prices will increase by 20 per cent in late 2022 and will rise by a further 30 per cent in 2023–24 ... Retail gas prices are expected to increase by up to 20 per cent in both 2022–23 and 2023–24

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Budget Energy News Roundup

Energy prices and interest rates growing as risk to national economy
The budget shows looming concerns that key attempts to quell price pressures could stop consumer spending in its tracks.
Energy bills to soar, but there’s no federal budget relief for businesses
Treasurer Jim Chalmers has forecast a further surge in electricity and gas prices, but his first budget has ignored calls from industry groups to provide support for struggling businesses.
Federal budget 2022 LIVE updates: Jim Chalmers hands down first budget; reveals $20 billion energy transmission fund; $7.5 billion cost of living relief package
Treasurer Jim Chalmers will unveil his first budget on Tuesday evening, with cost‑of‑living pressures and budget repair high on the agenda, follow all the developments live.
Labor’s power prices promise dead: energy costs to spike 56pc
Treasurer Jim Chalmers has flagged an aggressive regulatory crackdown after Tuesday’s federal budget revealed households would be whacked with far bigger bills.
Power bills: the worst is yet to come
Households face a new cost-of-living crisis with electricity and gas bills to soar by hundreds of dollars a year, derailing the Albanese governments election promise for a 275 cut to power bills by 2025, government forecasts show.
Dire warning for households as energy bills tipped to rise by 50 per cent in two years
Australians already struggling with the cost of living should brace for a sharp increase in energy bills, a...
Price hike to hit every Australian
Australians have been warned to brace for energy price hikes of up to 20 per cent as the cost of living crisis is expected to peak in December.

What do you think?

Budget papers are always polarising, and the emerging cost of living crisis only makes this one more contentious for many households.

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