Rising energy prices could close the doors of many small businesses without support from the federal government, the peak body representing the sector warns.
Small businesses brace for looming power price hikes
Small businesses are itching to see details of an energy price relief plan with fears rising bills may need to be paid by increasing prices or reducing employment.
The Australian Energy Regulator on Wednesday released its draft default market offer decision for the 2023/24 financial year, which estimated a power price increase of up to 25.4 per cent – equal to $1,738 a year – from July 1.
The default market offer represents the maximum price energy retailers can charge residential and small business customers in NSW, South Australia and southeast Queensland.
A final decision on the offers will be made in May.