How the Cost Of Living Crisis is Impacting Australians This Christmas

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Will You Be Affected By the Cost of Living This Christmas?

1 in 4 Australian households are struggling to pay their energy bills.1

It’s no secret that Australians are struggling to keep up with the rising cost of living, inflation, and increasing interest rates. The ongoing economic crisis has forced residents to make significant cutbacks in order to reduce financial stress. With the holidays fast approaching, this means less spending and more budgeting. 

The same can be said for the energy sector. Aussie families are still struggling with high energy costs and are looking for any way to combat these price hikes. In one of the most expensive times of the year, it’s become apparent that changes need to be made in order to avoid inflated power bills.

Comparing the market and switching providers has become popular for homeowners and renters. If you’re in a state where you can change to a new provider, there is potential for huge annual savings. The energy retail market is filled with competitive market offers that could be significantly cheaper than what you’re currently on, so it’s recommended that you shop around for the best deal available.

How Can I Lower My Energy Bill Further?

If you think you’re paying more for electricity, you may be. One of the easiest ways you can lower your bill is to compare energy plans and switch to a more competitive rate. Most retailers offer a benefit period that ends after a specified period (i.e. 12 months). Once this promotional period ends, you may be paying more than necessary. At Electricity Monster, we can help you potentially lower your bill by comparing rates and finding you a fair deal from our network of partnered retailers. We may also be able to apply energy concessions to your energy account at no cost to you. Click on the link below to get our best deal and a $50 voucher.

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Tough Times Ahead This Christmas

According to the latest forecasts released by the Australian Retailers Association (ARA), Australians will spend roughly $66.8 billion between November and December – all the way up to Christmas Eve. Despite inflated prices of goods and services across the economy, household spending has increased by 4.8 per cent throughout 2023. However, the economic downturn has forced shoppers to pass on discretionary goods in favour of essentials.

While state and territorial governments are offering aid in the form of energy bill relief, commonwealth rent assistance, and other benefits, the holiday season is on pace to be relatively tough due to a more frugal trading period.

On top of the increase in the cost of living, Australians are also faced with keeping their power bill at a minimum while maximising their purchasing power through holiday sales. With cost pressures slowly getting out of hand, it’s become pivotal for energy customers to find ways to lower their bills.

Are There Energy Concessions and Rebates I Can Take Advantage Of?

Most state governments have energy concessions available to low-income households, pensioners, and concession card holders. There are also other rebates that residential energy customers can benefit from when they take action, like switching to energy-efficient LED lights or installing energy-efficient kitchen appliances. 

In order to claim energy concessions in your area, you’ll need to contact your energy provider or the government if you live in South Australia and Northern Territory to apply them to your bill. Or, give us a call at Electricity Monster. We can take a look at your energy account and potentially apply for an energy concession. On top of this, we can also find you the best deal we have available within our network of partnered providers so you can get an energy plan that best suits your budget and needs.

How Much Did Electricity Prices Go Up?

On July 1, 2023, residential customers on standard retail electricity plans were subjected to price increases of 20.8 percent to 23.9 percent without controlled load and 19.6 percent to 24.9 percent with controlled load.

This rise in energy prices has caused Australians to look for cost-effective solutions to their high power bills, with minimal relief outside of state and territorial government rebates.

Households suffering from high power bills are urged to compare energy plans and providers in order to mitigate some of the high costs. If you’re looking to switch or want to compare plans, give Electricity Monster a call today, as we can analyse your energy usage and offer you a variety of free solutions to help you find a better deal.

Why Should I Compare the Market?

One potential solution to high energy bills is comparing the market and switching providers if you’re on a bad rate. If you feel like you’re overpaying for electricity, there’s a chance you are. 

In some cases, this has nothing to do with your energy consumption but the current energy plan you are on. For example, your current plan may not feature low usage rates or discounts that could lower your overall energy bill. Or, your benefit period may have ended, which can result in losing the original discount that was applied when you first signed up for the plan. Simply put, comparing your options through a service like Electricity Monster can help you get on a better plan. Give us a call today and let our energy experts analyse your power bill and provide you with a variety of free solutions. With the holidays right around the corner, there’s no better time to save money than now.

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  • [1] “1 in 4 Australian households are struggling to pay their energy bills" is pulled from Energy Consumers Australia's publication, “How increases in energy prices are impacting consumers".
Benjamin Tom

Benjamin Tom covers the retail energy market, with a focus on electricity, solar, and Internet. His interests include helping people navigate the complexities of the energy market while saving money on their power bills.