Homes and business would save hundreds or even thousands of dollars a year on power if the recommendations of the consumer watchdog’s report are implemented in full – news that has been welcomed by Conservative Party leader Cory Bernardi.
Channel 9 reports, households could save more than $400 a year on power bills under a proposed major reset of Australia's "broken" electricity market and businesses could also save up to as much as $2,250 if they shop around for the best discounts.
The Australian Competition and Consumer Commission released its long-awaited report into the energy sector this week, detailing ways to tackle skyrocketing power costs.
A key measure is forcing retailers to offer a benchmark price near the middle of the market, to end confusing and deceptive discounts.
"We cannot trust the retailers to set their own default prices to consumers," ACCC chair Rod Sims (pictured) told reporters.
He estimates bills could drop up to 25 per cent for the average household if all of the report's 56 recommendations are actioned.
Mr Sims said a decade of poor policy decisions had caused serious affordability problems for consumers and businesses,"The national electricity market is largely broken and needs to be reset," Mr Sims said.
The Conservative Party has long advocated a competitive tender approach to contract out the government's $450 million annual power requirements which will fix the problems in our energy market and also save taxpayers money.
Senator Bernardi has told ABC Radio Adelaide the gouging of electricity consumers has to stop.
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