The economy is a dominant issue in the Election. From now until polling day, Independent Australia will outline some key facts on the economy that put the kybosh on many of the myths, lies and distortions being peddled in the election campaign.
This is the second in a series of short articles by leading economist Stephen Koukoulas, which will be published daily up until the Federal Election on Saturday 3 May 2025.
FACT TWO: AUSTRALIAN ENERGY PRICES ARE FALLING FOR CONSUMERS, RECORDING THE BIGGEST FALLS IN THE OECD
The Coalition is claiming that energy prices have surged under the Labor Government and are a key issue behind the cost of living “crisis” for consumers. It is a claim that is not supported by facts.
According to the latest OECD estimates, energy prices paid by consumers in Australia have fallen by the most of the 38 countries included in the survey. According to the OECD, energy prices in Australia are 12 per cent lower over the past year, which compares with an OECD average for a 3.6 per cent rise.
The fall in prices is linked directly to the Federal Government’s $300 a year per household subsidy that will be in place from 1 July 2024 to 31 December 2025.
A range of state government subsidies to households for their electricity use have also contributed to the fall in prices over the past year.
In a media environment of mis/disinformation, the facts have never been more important.
Other facts in this series:
- #1: In fact, Labor has inflation back under control
- #3: Wage growth on the rise under Labor
- #4: Labor brought down government debt by billions
- #5: Labor building on a better future
- #6: Coalition taxing at a record high, not Labor
- #7: Under Labor, Australia is more productive
- #8: Australia among best in the world at beating inflation
- #9: Australia keeping tax down
- #10: Employment rising under Labor
Stephen Koukoulas is one of Australia’s most respected economists, a past chief economist of Citibank and senior economic advisor to an Australian Prime Minister. You can follow Stephen on Twitter/X @TheKouk.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Australia License
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