Australian households have paid nearly A$23 billion more for electricity over the past four years, according to new analysis of energy regulator data, despite former Prime Minister Anthony Albanese’s 2022 promise to reduce power bills. The analysis, conducted by the Coalition, indicates that since Labor assumed office, consumers across the National Electricity Market have faced an additional A$22.7 billion in energy costs, with no sign of the anticipated annual savings of A$275 per household.

Queensland has seen the steepest increases, where the median annual household electricity bill rose by 54 percent, amounting to an extra A$2,971 over the four-year period. This surge has cost Queensland families approximately A$6.6 billion more than previously. Similarly, in New South Wales, median annual household energy costs increased from about A$1,900 to nearly A$2,858—a rise of over 50 percent, representing an additional A$3,308 per household.

Energy analysts attribute these sharp price hikes to a confluence of factors that have severely disrupted supply and driven up costs. Tony Wood, Energy Program Director at the Grattan Institute, described 2022-23 as the most challenging period for electricity supply in at least a decade. He cited the war in Ukraine as a catalyst for soaring gas prices, compounded domestically by flooding that hampered coal deliveries, failures at significant coal generators in Queensland, and poor weather conditions affecting wind and solar output. The expense of emergency gas purchases necessary to maintain grid stability has been passed on to consumers, spreading additional costs over the following 18 months.

Although wholesale electricity prices have recently declined for the first time this year, Wood warned that these reductions are being offset by rising transmission costs. Significant investments in transmission infrastructure are required to connect new wind and solar farms to the grid, thereby pushing up overall expenses. He also noted that the eventual closure of remaining coal-fired power plants is likely to cause another surge in prices before stabilizing at best at current levels. “People who say they’re going to come down, I think they’re being very optimistic,” Wood said, adding that the government’s assurances have not matched reality.

Energy Minister Chris Bowen acknowledged that electricity bills remain “too high,” but countered the Coalition’s critique by arguing that attempts to extend the life of aging coal-fired generators would exacerbate price pressures. Bowen emphasized that the Labor government’s approach focuses on increasing access to renewable energy technologies, such as solar panels and batteries, as well as promoting more efficient electric vehicles, with the goal of reducing energy costs in the long term. “While the Coalition’s plan is to stop renewables, sweat coal and leave Australians to pick up the bill, we’re putting Australians back in charge of their energy bills,” he said.