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In late 2021, the Labor Party released its Powering Australia Plan, which promised to reduce NEM wholesale electricity costs by $11 per MWh, from $62 to $51, by 2025.
Labor claimed that its Powering Australia Plan would save Australians $275 on their residential power bills by 2025 and an additional $103 by 2030.
On dozens of occasions, Prime Minister Anthony Albanese spruiked to the public that Labor would reduce their energy bills by $275 (see below video).
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.