$650 cash boost for Aussies who make simple move: ‘Back in your pocket’
Aussies feeling the pinch of rising living costs could save hundreds of dollars simply by switching their electricity and gas plans. Energy bills are one of the top financial stressors for many, with many Australians losing out on valuable savings by staying with the same provider.
According to new research by Mozo, Aussie households could save $419 annually on electricity and $227 on gas by switching from the average plans to the cheapest available options. This adds up to nearly $650 in savings per year.
Mozo money expert Rachel Wastell highlighted that switching retailers is the “ultimate power play” for long-term savings, particularly as government energy rebates of $300 are set to end later this year.
“The Energy Bill Relief Fund is helpful, but it’s masking the fact that prices remain high, and the real way to save in the long-term is by being smart about your energy choices,” Wastell said. “Rebates are a short-term fix and won’t solve the bigger issue.”
About 44% of Australians consider energy bills a top financial stress, with 15% ranking them as their number one concern.
For the average low-usage household, electricity costs around $1,242 per year, and gas costs $754. For medium-usage households, those figures rise to $2,317 for electricity and $903 for gas.
The longer you stick with your current provider, the more you could end up paying due to “loyalty tax.” A report by the Australian Competition and Consumer Commission (ACCC) found that Aussies who hadn’t switched their electricity plans in over a year were paying an extra $238 annually compared to those on newer plans. Those who hadn’t switched in two years or more were paying $317 more on average.
Switching your energy plans could help you save hundreds of dollars—taking advantage of the best deals and avoiding hidden loyalty taxes.