Responding to the latest ABS Consumer Price Index, Australian Chamber of Commerce and Industry Chief Economist Adam Carr said:
“The figures confirm businesses are being hit hard
“Electricity prices rose 8.9 per last quarter. They’re up nearly 20 per cent since mid last year.
“Seventy per cent of Australia’s electricity is used by business.
“Many businesses have seen their bills double in the past year.
“The figures confirm these rises are not being passed on to consumers.
“The increasing costs to business are not being passed on in the cost of goods and services, with overall inflation remaining low at 1.8 per cent. We’ve seen falls in the cost of fruit and vegetables, clothing and footwear and telecommunications.
“Businesses are having to absorb these rises and many are at breaking point
“If Australia’s energy crisis is not solved soon we are going to see job losses and business closures.”