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Retail Gas Prices Set To Rise Further

AUSTRALIA

The Australian has calculated that current offers for gas by energy providers to attract new customers have risen 19% on average since 2021-22 across NSW, Victoria, Queensland and SA. This is set to rise further with three energy providers announcing over 20% increases to take effect in February. (The Australian)

  • After the pre-Christmas policy interventions in the market, Treasury projected that retail gas prices would rise about 18% in FY 2022-23 followed by 4% in 2023-24.
  • RBA governor Lowe called for more supply in the energy market to help put downward pressure on inflation but gas producers have said that they won’t finalise new supply contracts for 2024 until there is clarification on the government’s code of conduct, while others have put new projects on hold.

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