Australian Chamber of Commerce and Industry today welcomes the release of the ACCC preliminary report into its Retail Electricity Pricing Inquiry.
The ACCC found that Australian businesses face “similar issues to households, in terms of complexity and a lack of comparability in retail electricity markets”.
Chief Executive Officer James Pearson said: “The report confirms Australian businesses are being hit hard by high prices and unreliability. Many operate in sectors in which they have limited scope to pass on price rises.
“The report also confirms that Australian businesses have not seen the full benefits of competition.
“We welcome the ACCC’s preliminary findings that Australia needs policy action to boost competition, lower costs and ensure environmental schemes are cost-effective and equitable.
“Our submission to this inquiry called for the ACCC to be given powers to determine and publish the disaggregated market costs at the retail and wholesale level, and for comparable information to be available to businesses.
“We need urgent action to lower energy costs. As the ACCC notes, many Australian businesses and consumers cannot withstand the burden of these high prices.
“Urgent action is needed to prevent job losses and business closures.”