Daily London
The Australian Competition and Consumer Commission (ACCC) warns that not shopping around could leave people out of pocket.
The latest mood of the nation report found the number of Australians who lack confidence in either major party to manage the cost of living crisis is up from 19 per cent in April to 30 per cent in November.
Brian Tyson from research firm SEC Newgate said those numbers “point to a growing concern about the future of the economy”.
But Federal MP Kristy McBain said plans were in motion.
“There are a range of investments that we’re putting in place to help take pressure off Australians but there’s always more to do in this space,” she said.
National Leader David Littleproud said “the reality is energy is the economy”.
“We have to tackle energy prices and focus on energy affordability,” he said.
The ACCC found household energy bills rose an average of 6 per cent nationwide over 12 months.
And they say staying on the same energy deal for more than three years is costing consumers an extra $221.
“We’ve got energy providers who need to be mindful that in this day and age it is easier to switch than ever before,” McBain said.
Mortgage costs are also front of mind.
Commonwealth Bank and NAB predict the Reserve Bank will increase the cash rate as early as February, while the government’s own forecasts predict inflation could stay above the target range until June.
“They know that if inflation isn’t coming down, the prospect of future interest rate cuts are less likely,” Tyson said.
McBain said the government would do its part in “trying to keep interest rates low” but said it was ultimately not its call.
“I think it’s really important that we do our part and play our part in trying to keep interest rates low but at the end of the day that will be a decision for the independent reserve bank of Australia,” she said.
