Discover How Australians Can Easily Save Hundreds with This Simple Tip

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The Australian Competition and Consumer Commission (ACCC) is cautioning consumers that failing to compare prices could lead to unnecessary expenses.

Energy bills — Not switching energy providers regularly could cost consumers hundreds extra on their bills, the Australian Competition and Consumer Commission has warned. (9News)

According to the latest nation’s sentiment survey, there is a notable increase in the number of Australians who have lost faith in either major political party’s ability to handle the ongoing cost of living crisis. This figure has risen from 19% in April to 30% by November.

Brian Tyson, from research company SEC Newgate, commented that the statistics reflect a “growing concern about the future of the economy.”

In response, Federal Member of Parliament Kristy McBain assured the public that measures are being implemented to address these economic pressures.

“We’re making a variety of investments aimed at reducing the financial burden on Australians, but we recognize that further efforts are necessary,” McBain stated.

National Leader David Littleproud said “the reality is energy is the economy”.

“We have to tackle energy prices and focus on energy affordability,” he said.

The latest mood of the nation report found the number of Australians who lack confidence either major party to manage the cost of living crisis (Getty)

The ACCC found household energy bills rose an average of 6 per cent nationwide over 12 months.

And they say staying on the same energy deal for more than three years is costing consumers an extra $221.

“We’ve got energy providers who need to be mindful that in this day and age it is easier to switch than ever before,” McBain said.

Mortgage costs are also front of mind.

Commonwealth Bank and NAB predict the Reserve Bank will increase the cash rate as early as February, while the government’s own forecasts predict inflation could stay above the target range until June.

The RBA (Reserve Bank Australia) building, 65 Martin Place, Sydney. — Commonwealth Bank and NAB predict the Reserve Bank will increase the cash rate as early as February (AFR)

“They know that if inflation isn’t coming down, the prospect of future interest rate cuts are less likely,” Tyson said.

McBain said the government would do its part in “trying to keep interest rates low” but said it was ultimately not its call.

“I think it’s really important that we do our part and play our part in trying to keep interest rates low but at the end of the day that will be a decision for the independent reserve bank of Australia,” she said.