The Australian Energy Regulator's (AER) Affordability in Retail Energy Markets Report, shows electricity bills falling across all regions for households on the median market offer.
The report also shows that since the introduction of the Government's Default Market Offer 'price safety net' on 1 July, there have been reductions in both standing offers and high-priced market offers.
The AER makes clear that competition is alive and well in the market, with smaller retailers taking on the 'big three' by providing cheaper offers. The best electricity market offers are lower than they were in October 2018 - the cheapest residential market offers are down 3 per cent, while small business offers are up to 17 per cent lower.
The AER has also found some retailers are moving away from sneaky discounting practices, which can leave customers paying massive penalty rates if they don't pay on time.
The Government welcomes the report's findings while acknowledging there is more to be done to help Australian households and small businesses get a fairer deal on energy.
That is why the Government is extending the Consumer Data Right to energy services, making it easier for consumers to lower their energy bills by comparing and switching providers.
The Government will continue to monitor the market through the ACCC's ongoing inquiry, running until 2025.
Even with improving energy prices, it still pays to shop around. The Government continues to urge households and small businesses to 'make the call' to their energy provider to find a better deal or use the AER's independent and free of charge price comparison website - EnergyMadeEasy.gov.au
