The economy is a dominant issue in the Election. From now until polling day, Independent Australia will outline some key facts on the economy that put the kybosh on many of the myths, lies and distortions being peddled in the election campaign.
This is the second in a series of short articles by leading economistStephen Koukoulas, which will be published daily up until the Federal Election on Saturday 3 May 2025.
FACT TWO: AUSTRALIAN ENERGY PRICES ARE FALLING FOR CONSUMERS, RECORDING THE BIGGEST FALLS IN THE OECD
The Coalition isclaimingthat energy prices have surged under the Labor Government and are a key issue behind the cost of living crisis for consumers. It is a claim that is not supported by facts.
According to the latestOECD estimates, energy prices paid by consumers in Australia have fallen by the most of the 38 countries included in the survey. According to the OECD, energy prices in Australia are 12 per cent lower over the past year, which compares with an OECD average for a 3.6 per cent rise.
(Image viaOECD)
The fall in prices is linked directly to the Federal Governments $300 a year perhousehold subsidythat will be in place from 1 July 2024 to 31 December 2025.
A range of state government subsidies to households for their electricity use have also contributed to the fall in prices over the past year.
Don't be misled. These are the facts.
Stephen Koukoulasis one of Australias most respected economists, a past chief economist of Citibank and senior economic advisor to an Australian Prime Minister.You can follow Stephen/X@TheKouk.
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