David Koch outlines six areas Anthony Albanese must act on cost of living

The former Sunrise host has given Anthony Albanese his tips on delivering timely cost-of-living relief to Aussies doing it tough.

Energy bill relief, better fuel price reporting and home loan reforms should be considered as part of Labor’s next cost-of-living package, David Koch says.

A major remodel of the stage 3 tax cuts will be unveiled by Anthony Albanese when he addresses the National Press Club on Thursday.

The changes, if passed, would break an election promise to deliver the cuts in full, but the Prime Minister will contend more than 11 million Aussies will get a bigger tax cut under the plan.

However, Mr Koch said he wanted the government to move swiftly to deliver a more holistic strategy for household budget relief and long-term economic stability.

His first point of call would be extending the $1.5bn in payments from state and federal governments for energy bill subsidies.

“Energy bill relief was a major shock buffer for households last year,” the Compare the Market economic director said.

David Koch has six tips for the Albanese government in the cost of living fight.

“Without them, they would have felt the full impact of energy prices that were 18.6 per cent higher in the September quarter.”

Attention should also be paid to the rollout of the so-called “sun tax” – two-way pricing for solar energy – in the wake of a 2021 shake-up that could lead to households being charged for exporting solar at certain times, Mr Koch said.

He said he wanted the government to rethink the timing of the rollout, which would hit the hip pocket of about three million households who installed solar to escape high energy costs.

“The green transition will come at a cost but that shouldn’t mean hitting solar users with more fees,” Mr Koch said.

“At a time when we should be doing everything we can to incentivise the adoption of solar, two-way pricing could do more harm than good.”

More than 13 million Australians hold private health cover. Mr Koch encouraged the government to consider allowing people to recoup the costs of GP visits through their insurance.

“After the Medicare rebate, patients are forking out about $60 for a standard GP consultation,” Mr Koch said.

“To me, that seems like a prohibitive amount for a health service that is so crucial to our wellbeing.

Aussies are doing it tough. Picture: NCA NewsWire / Nicholas Eagar

“With bulk-billing GPs now few and far between, now could be the time to empower private health insurers to help cover the cost of GP visits.”

He also flagged the need to adopt recommendations made by the home loan price inquiry that would help mortgage holders switch lenders should they be offered a better deal.

“The discharge process to switch should not take longer than 10 business days for lenders to turn around. We also want to see a standardised discharge authority form that is easy to access, fill out and submit,” he said.

Victoria remains the only state that does not have access to live-to-the-minute reporting on fuel prices.

Mr Koch said mandatory price reporting nationwide could be a way to help motorists save money.

The former Sunrise host said he’d also like to see financial education be taught in Aussie schools.

“Your access to financial education should not depend on your parents’ circumstances or where you are born in this country,” Mr Koch said.

“I think there’s a lot more we could do to set up children for success in life and future-proof Australia’s economic stability

“People without an education in budgeting basics and how to comparison shop are at a huge disadvantage when living costs rise.”

Originally published as David Koch outlines six areas Anthony Albanese must act on cost of living