NSW residents 'will be stung by power bill hikes'

People in New South Wales (NSW) will see their electricity bills increase by an average of 18 per cent next month.

Earlier this year, the Independent Pricing and Regulatory Tribunal (IPART) predicted that prices would go up by 16.4 per cent across the state, but this appeared to be overly optimistic.

The organisation has now confirmed that although the price of electricity is actually falling, plans to make Australia greener will contribute towards the inflated rates.

Energy companies must take action to adhere to the government's carbon tax framework and it seems inevitable that the extra costs will be passed on to power customers.

This may force more NSW residents to dip into their savings accounts to make ends meet, as many households are already struggling to cope with soaring living costs.

A recent survey conducted by Mercer showed that Sydney is the most expensive place for expatriates to live in Australia and is also among the least affordable cities in the world.

Have a question about savings accounts? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801384577-ADNFCR