Victorian families and businesses will be hit by further massive surges in their gas bills.
From 1 August 2024, household gas prices will rise by up to 12 per cent, or more than $200 annually, according to rate change notifications currently being sent out by suppliers.
The soaring gas prices are another blow for Victorians amidst the cost-of-living crisis, with small businesses also facing increases of almost $700 a year on average.
Energy experts have warned of further cost increases with looming gas shortfalls, high production and network costs.
Victorians have already experienced the biggest increases in gas prices in Australia over the past year, according to a report by St Vincent de Paul Society.
The November 2023 St Vincent de Paul and Alviss Consulting report, 'Observations from the Vinnies' Tariff-Tracker Project' found Victorians paid the highest increases, with a 22 per cent surge in the cost of gas.
Notably, the January 2024Analysis of Small Business Retail Energy Bills in Australia - small and medium enterprise (SME) Retail Tariff Tracker Project report found between October 2022 and October 2023 gas bills were, on average, 12 per cent higher across Australia for businesses consuming 100GJ compared to a year ago, yet were 31 per cent higher in Victoria.
Shadow Minister for Energy, Affordability and Security, David Davis, said: "The fact remains that under 10 years of Energy Minister D'Ambrosio, no new onshore conventional gas exploration permits have been issued in Victoria.
"Victorian households and businesses rely on gas like no other state in Australia. Despite this, Labor refuses to actively pursue policies to increase supply and keep the prices down.
"The Victorian State Government's failure to bring on new gas has forced up prices for Victorian gas consumers and introduced serious risks for households and businesses. Many businesses are leaving Victoria citing insecure gas supplies and rising costs.
"Labor's solution to a cost-of-living crisis is to jack up gas prices and Victorians are paying the price."
