Finder Energy Report for 2019
Comprehensive Australian energy statistics.
Key takeaways
- A 2019 report forecast electricity prices would double CPI by June 2023, with gas 77% higher.
- Australia's energy exports surged by 99% between 2000 and 2018, influencing higher domestic energy costs.
- Victoria generally offers Australia's most affordable electricity, while South Australia faces the highest average costs.
Sparking conversation
The energy industry has become a controversial space in Australia in recent years. Extortionary price hikes have seen more and more Australian families struggling to keep up, with one in four now reporting energy bill stress. Our reliance on fossil fuel has become a highly contentious topic as the devastating effects of our carbon output are becoming tangible. And if that wasn't enough, Australia's ever-increasing energy export industry has also come under fire for increasing carbon emissions while still driving up energy bills.
This report intends to dissect each of these areas, while shedding light on consumer attitudes and lived realities. It provides an analysis of current trends in price, renewables and exports, and forecasts where we see these industries moving in the future. This report combines analysis of third-party data, internal data and consumer attitudes from Finder's Consumer Sentiment Tracker.
The price of gas and electricity in Australia has outpaced the Consumer Price Index (CPI) significantly since 2004, with no indication of slowing down. If the current trend continues, the price of electricity will be double CPI by June 2023, with gas 77% higher than CPI. However, the cost of automotive fuel has remained relatively consistent with CPI.
Production, Consumption and Net exports
Export as a percentage of production in Australia is one of the highest in the world and has been growing steadily since the 1970s. In 2000 we exported 5% more energy than we consumed and in 2018 we exported 99% more5 – contributing to a considerable
amount of the country’s overall exports. Energy accounted for 72% of Australia’s exported goods overall in 2018, worth $278 billion6. If this growth trend of exports continues, by 2030 we expect to export 3 times as much energy as we consume.
Key findings:
- South Australia comes out on top for most expensive electricity
- Victoria is the most affordable state for electricity
- Finder predicts the price of electricity will be double the Consumer Price Index (CPI) by June 2023
- Just one in four Australians trust their energy retailer
- Over two-thirds of Australians are prepared to pay more for green power to help address their environmental impact
- The growth in energy exports over time correlates very closely to the price ratio against CPI
Click here to download the full report.
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