NSW residents brace themselves for power bill hikes

Desperate families and pensioners in New South Wales have pleaded with the state government to cancel plans for big power price rises this winter, it has been revealed.

According to the Daily Telegraph, people have even taken their concerns to the Independent Pricing and Remuneration Tribunal in a bid to get the hikes abolished.

However, the NSW government has ignored such pleas and last month approved the price increases which it says are the result of necessary upgrades to the state’s electricity assets.

It means that from July 1st, NSW residents will be forced to pay the first instalment of what will be a rise of more than 64 per cent rise over the next three years.

The rises will add hundreds of dollars to the average three-monthly bill, which many households will struggle to afford.

Following the Reserve Bank’s interest rate hike by 25 basis points yesterday, now may be a good time to compare savings accounts, particularly as Aussies seek to get the most for their money. In line with the RBA rise, both Commonwealth and Westpac have raised rates by 25 points on some of their savings accounts.

This article is brought to you by Mozo – Helping you compare savings accounts