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Australians can expect their electricity bill to rise by another 56 percent over the next two years—according to budget estimates—with the Labor government banking on a wider rollout of renewable energy sources to help bring down prices.
The soaring energy costs comes despite pledges from Prime Minister Anthony Albanese prior to winning the May election that Labor’s Powering Australia plan will save households $275 per year (US$175.70).
Following the release of the budget, federal Treasurer Jim Chalmers stood firm on the federal government’s embrace of net-zero as the pathway to more affordable energy.
“Renewable energy is not just cleaner energy; it’s cheaper energy,” he told reporters on Oct. 25. “That’s understood right around the world. It’s also more reliable in the medium term and the long term when it comes to some of the geopolitical issues that we’re dealing with.”...