Record Spend on Renewables as Electricity Prices to Soar by 50 Percent in Australia

Economists urge spending cuts to keep budget under control

A shopper holds money to make a purchase of fruit and vegetable produce at Paddy's Market in Sydney, Australia on Oct. 22, 2022. Lisa Maree Williams/Getty Images

Australians can expect their electricity bill to rise by another 56 percent over the next two years—according to budget estimates—with the Labor government banking on a wider rollout of renewable energy sources to help bring down prices.

The soaring energy costs comes despite pledges from Prime Minister Anthony Albanese prior to winning the May election that Labor’s Powering Australia plan will save households $275 per year (US$175.70).