New financial year electricity price cuts

Electricity rate cuts of between 1.3 and 8.6 per cent kick in for Queenslanders from Sunday.

Australia’s three biggest gas and electricity providers - EnergyAustralia, Origin and AGL -– have announced residential price cuts of between 1.3 and 3.8 per cent for south east Queenslanders.

The QCA confirmed that regional households will also see bill reductions of 1.3 per cent from 1 July.

More than $464 million also was allocated in the 2018-18 Budget to ensure families in regional areas pay a similar amount for their electricity to a family or household in Brisbane.

“The Palaszczuk Government is putting pressure on prices and they are going down,’’ Energy Minister Dr Anthony Lynham said.

“The benefits of Queensland owning its power assets and of coordinated action under our $2 billion Affordable Energy Plan, will be felt in the hip pockets of residents and small businesses from Sunday,’’ Dr Lynham said.

“This is in stark contrast to the policy being floated by the LNP which will increase $434 per year for the average customer, and which in their previous, single term of Government, presided over an overall price increase of more than 40 percent.’’

Small business in SEQ will receive bill reductions of between 1 and 7.2 per cent whereas regional businesses will see reductions of 3.4 per cent.

Simply Energy also has announced it will cut its rates by 5.4 per cent for residents and 8.5 per cent for small businesses as of August and Powershop has announced it will cut the household rate by 8.6 per cent. 

“Many retailers also announce their new rates on July 1, so it pays to shop around,’’ Dr Lynham said.

“And with the Palaszczuk Government committed to regional Queenslanders paying a similar amount for their electricity to a family or household in Brisbane, competition in the south is also beneficial to regional Queenslanders.

“When you add in the concessions and subsidies available, such as to pensioners and concession card holders, there are real savings to be made.’’

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