Reports today of a proposed belated decrease to the Victorian Default Offer (VDO) will provide little comfort to Victorians who have endured years of double-digit percentage price increases.
Since 1 July 2022, Victorian households have suffered a VDO increase of 17 per cent, or $240 per household.
The proposed 6.4 per cent decrease will only apply to Victorians on VDO contracts – just 13 per cent of Victorian households and 20 per cent of small businesses.
Victorians have experienced the biggest increases in electricity and gas prices in Australia over the past year according to a report by St Vincent de Paul Society.
The report found Victorians paid the highest increases, with a 28% surge in the cost of electricity and 22% for gas.
Shadow Minister for Energy, Affordability and Security, David Davis, said: "Today's announcement of a decrease to the Victorian Default Offer is miniscule compared to the massive increases Victorians have seen in recent years.
"Victorians are paying the price of the Allan Labor Government's mismanagement of our energy system and must see greater falls to make any difference during this cost-of-living crisis."
