Scrapping the carbon tax has delivered Australian families and businesses the biggest drop in electricity prices on record.
Today the ABS released the Consumer Price Index for the September Quarter 2014 — the first outcome since the Coalition scrapped Labor’s damaging carbon tax.
Electricity prices had the largest fall since 1980 (when the CPI electricity price series was created).
There are likely to be further flow on benefits of lower electricity prices on the cost of other goods and services over the next coming quarter.
Treasury estimates that the abolition of the carbon tax will reduce the CPI by around 0.7 percentage points through the year to the June quarter of 2015.
The figures released today confirm that scrapping the carbon tax is delivering real and immediate cost of living relief to Australian families.
During Labor’s time in office, electricity prices rose by 101%. We’ve scrapped Labor’s carbon tax to deliver relief to Australian families and business.
Already, there have been significant falls in electricity and gas prices across the country.
In Victoria, power bills are up to 12.4 per cent lower than they would have been with the carbon tax.
In New South Wales – power bills are up to 10 per cent lower.
In Western Australia – up to 9.8 per cent lower.
In Queensland and Tasmania – up to 9.4 per cent lower.
In South Australia – up to 8 per cent lower.
In the ACT – up to 11.5 per cent lower.
The Coalition is committed to lower electricity prices for Australian families.
Bill Shorten wants to take away these savings with his plan to bring back the carbon tax.