New default electricity price to protect consumers

The Australian Energy Regulator (AER) has released its final decision on the 2024–25 Default Market Offer (DMO).

The DMO caps the price that electricity retailers can charge household and small business customers on standard retail plans in NSW, South Australia and south-east Queensland. It also acts as a reference price for customers to compare plans with other retailers. 

From 1 July 2024, most household and small business customers on standard retail plans will experience price reductions. Any increases will be less than, or in line with, the rate of inflation.

Residential customers could see price reductions between 1% and 6%, depending on their region. Small business customers could see reductions between 1% and 9%.

Victoria’s Essential Services Commission (ESC) has also released its decision on the Victorian Default Offer (VDO). The VDO shows an average reduction of 6% for residential customers and a 7% reduction for small business customers in Victoria.

Most retailers have cheaper deals than the standard retail plan so consumers should shop around for the best price by going to the Energy Made Easy website

Victorian consumers can compare offers on the Victorian Energy Compare website.

If you are struggling to pay your bills, contact your retailer as soon as possible. They are required to assist you under national energy laws. 

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AER announcement

ESC announcement

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