Aussie pensioners feeling the energy price pinch

By Ben Tosi ·

Pensioners are feeling the full force of rising energy prices but relief could soon be on its way with the PM set to hold another round of talks with energy providers today.

According to the Association of Superannuation Funds of Australia (ASFA), living costs among retirees living a modest lifestyle has jumped by 2.5% in some capital cities over the past 12 months, well above the 1.9% rate of inflation.

“The cost of retirement over the most recent quarter only increased by a relatively small amount and that is welcome news but many retirees are still finding it difficult to achieve a comfortable standard of living in retirement,” said ASFA CEO Dr. Martin Fahy.

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Fahy described the costs of electricity and gas as a “serious concern” for Aussie pensioners who are also dealing with increased council and water rates.

But pensioners, like many other Aussies feeling energy pressures, will be hoping that Prime Minister, Malcolm Turnbull can make further headway when he meets with representatives from major energy providers today in Sydney.

Earlier this month, Turnbull met with the heads of eight energy providers in an attempt to lower Aussie energy costs, securing agreements for greater transparency when it comes to your energy bill and will use today’s meeting to find out exactly what progress has been made.

“We’ve already got commitments from them and I want to confirm those and see how they’re tracking in delivering,” Turnbull told 5AA radio yesterday.

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Now the PM is planning to have energy providers write to their customers to let them know that better options are available, so expect a letter in the mail and be prepared to follow through and take up these ‘market offers’.

After their initial meeting, Turnbull cited “complexity” and “inertia” as the barriers standing between Aussies and a cheaper energy deal, suggesting that in excess of a million Aussies were paying for expensive, “default” plans that they didn’t need.

This sentiment is certainly backed up by Mozo data from July that suggested the average Aussie household could save $1,086 a year by switching to the cheapest deal on the market.

“Turning down the heating or forgoing the electric blanket on some nights is bound to save you some money on your household energy bill but the biggest savings will be accessed by switching to a better value plan,” said Mozo Director Kirsty Lamont.

Mozo also recently announced the winners of their Experts Choice Electricity Awards for 2017. For a state-by-state breakdown of the best value electricity providers including solar-friendly and greenpower plans, head to the Mozo Experts Choice Electricity Awards hub.

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