Retail electricity prices in Australia are expected to rise by 50% over the next two years, with Federal Treasurer Jim Chalmers said to be weighing up market intervention to stop those costs spiralling further.
The Australian Treasury has assumed in the federal budget presented in Canberra last night that retail power prices will increase by an average of 20% nationally in late 2022 and a further 30% in 2023/24.
These startling rises stem from Australia’s drive to decarbonise its electricity supplies. After enjoying a long run of cheap electricity, Australian consumers are now facing what will be a severe attack on household budgets.
By comparison, with 80% of our electricity already coming from renewable sources, New Zealand may escape such rises.
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Utopia, you are standing in it! 
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