Labor unveils plan to cut power prices.
Labor unveils plan to cut power prices.

Labor unveils plan to cut power prices

LABOR has unveiled its own plan to push down power prices as the coalition party room remains at loggerheads over energy policy.

Simpler pricing and capped power price deals will cut $165 from the annual bill of more than a million households, with small businesses to save $1500 per year, Labor claims.

"The Turnbull government's internal civil war about energy only guarantees higher power prices for families and businesses," Labor leader Bill Shorten said on Sunday.

"The Liberals have had five years and the only thing they've delivered is higher energy prices."

The opposition's plan will protect customers from price gouging by introducing a new regulated capped offer to the market.

Labor will work with the states to implement a key recommendation of the Australian Competition and Consumer Commission from its inquiry into retail energy prices.

That recommendation would introduce a 'default' offer consistent across all energy retailers, instead of "outdated" standing offers which can vary considerably.

It would also make it easier for consumers to compare offers and save money by simplifying how energy retailers display discount pricing.

The default price would be set independently in each jurisdiction, with the Australian Energy Regulator tasked with delivering the reforms. Labor claims the changes will mean increased transparency, simpler bills and downward pressure on prices.

"I know that Australians are struggling with soaring energy bills - that's why we are acting to give people a fair go, a better deal and make it easier for consumers to find the best deal," Mr Shorten said.

"This crisis needs leadership - I'm focused on helping Australian families with a clear plan for more affordable, cleaner energy." Labor has committed to reaching 50 per cent renewable energy in Australia by 2030.


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