For many Australians power bills are complex and confusing, which can lead to consumers paying more for their energy than necessary.
Today, Minister for Energy and Emissions Reduction Angus Taylor has submitted a rule change to the Australian Energy Market Commission (AEMC) to improve the form and content of retail energy bills to make energy bills simpler and easier for consumers to understand.
Under current rules, energy retailers are only required to provide specific information relevant to the customer, such as their account details and payment date, but they are not required to present their bill using a prescribed presentation or format.
This rule change will provide the Australian Energy Regulator (AER) with the power to implement guidelines on how energy retailers must present, deliver and format their bills.
Minister Taylor said standardising bills across the retail sector and ensuring delivery of clear and accessible information to all consumers will make it easier for Australian households and small businesses to better understand their energy usage.
"Navigating your power bills, understanding your energy usage and negotiating a better deal can be confusing and time consuming," said Minister Taylor.
"One of the most effective ways of saving money on energy bills is to shop around and compare different offers.
"This rule change will support mums and dads and business owners to make informed decisions when negotiating with their energy provider."
Recently, the Australian Competition and Consumer Commission (ACCC) found switching from a standing offer to a median market offer could save residential customers up to $230, depending on the region. Small business customers could access more substantial savings of between $720 and $1150.
This rule change request is another example of the Morrison Government acting to lower energy costs for families and small businesses. This builds on actions already taken including:
- introducing a price cap to protect loyal customers who don't have time to shop around for a better deal from being ripped off;
- getting rid of sneaky late payment penalties; and
- passing the 'big stick' legislation to prohibit misconduct in the electricity market.
Today's announcement is part of the Government's plan to improve competition, end dodgy practices, and deliver a more affordable and reliable energy system for Australians.
