At a roundtable with Energy Minister Angus Taylor and big energy retailers today in Sydney, energy retailers have announced they will establish a voluntary comparison rate for power prices.
The Australian Government says a comparison rate will reduce confusion and make it simpler for Australians when navigating different discount rates from different prices.
The Government has been clear it wants a fairer deal for Australian families and small businesses and has dominated headlines in the lead up to the federal election.
“Energy retailers need to work quickly to deliver fairer, lower prices as soon as possible,” Mr Taylor said.
“The energy retailers need to re-establish their trust with the Australian people, and this is an important first step.
“Making it easier and less confusing to navigate power prices is essential for lowering the cost to Australian families and business owners who do not have the time to negotiate a fair deal.”
Energy retailers will establish a working group to implement the voluntary comparison rate, with the assistance of the Department of Environment and Energy.
Related article:Energy retailers set to fight divestment orders