Consumers set to sacrifice to afford power bills

ALMOST three-quarters of Victorians will make financial sacrifices to afford their summer energy bills as price increases start to bite.

Key retailers lifted electricity prices by up to 15 per cent while gas price rises ranged from 4 to 13 per cent.

SUMMER power bill panic has set in, with many households planning to cut grocery or other spending to afford energy costs.

Almost three in four Victorian households intend to make financial sacrifices to handle this summer’s energy bills — more than double that of last year — new ­research suggests.

Entertainment and dining expenses are most likely to be cut, the Galaxy survey found, with more than half of polled households expecting to chop back.

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The majority of Victorians intend make financial sacrifices this year to pay for their energy bills. Picture: Craig Wilson

Two in five said they’d buy fewer new clothes and opt for cheaper holidays.

Almost one-quarter even planned to reduce their grocery spend, according to the research commissioned by comparison service iSelect.

“Rising energy bills are clearly taking a toll on the hip pockets and psyche of everyday Victorians, particularly during the hotter summer months when energy use is often at its highest,” ­iSelect spokeswoman Jessie Csaplar said.

Consumers are sweating over their budgets after many electricity and gas providers increased prices in Victoria this month.

Key retailers lifted electricity prices by up to 15 per cent. Gas price rises ranged from 4 to 13 per cent.

In last month’s survey, 85 per cent of quizzed Victorians indicated that they were concerned about their upcoming summer energy bill. The results were part of a national poll of 1100 people.

Ms Csaplar said shopping around for a best-value energy plan should be a priority.

Consumers could also investigate different billing options and cycles.

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@KarenCollierHS