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- More Australians fall into energy debt, bills to rise again
- Inflation slowdown gives RBA cause to pause rates
- Sweden dumps renewables target as it seeks more nuclear power
- This morning’s headlines at a glance
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More Australians fall into energy debt, bills to rise again
Soaring electricity and gas prices have driven another double-digit jump in the number of Australians in debt from unpaid energy bills, just as prices are set to rise by as much as another 25 per cent from Saturday.
New figures from the Australian Energy Regulator revealed the average residential energy debt had fallen 5 per cent to $999 during the first three months of the year, but the number of customers in debt is sharply higher, increasing 13.7 per cent over the period to 188,969.
Power bills are set to soar from July 1, regardless of an easing in wholesale power prices since last winter.Credit: Joe Armao
The number of residential electricity customers participating in hardship programs climbed 19 per cent to 89,201 from the same quarter last year, according to the figures. Average hardship debt had increased by $137, or 8 per cent, to $1871.
Here’s more on the issue.
Inflation slowdown gives RBA cause to pause rates
In Australia, the Reserve Bank has a reason to hold off inflicting more pain on mortgage holders next week after Australia recorded the smallest annual increase in inflation in more than a year.
Inflation rose by 5.6 per cent in the 12 months to May, down from 6.8 per cent the month before and well below the December peak of 8.4 per cent.
Inflation rose by 5.6 per cent in the 12 months to May.Credit: AP
After 12 interest rate rises since April last year, which have taken the official cash rate from 0.1 per cent to 4.1 per cent, some economists said the figures from the Australian Bureau of Statistics give the Reserve Bank grounds to pause rate rises at its next board meeting on July 4.
Read the full story on inflation here.
Sweden dumps renewables target as it seeks more nuclear power
Sweden’s parliament has dumped its 100 per cent renewable target amid ongoing concerns about short-term energy security as it looks to join several European nations to build new nuclear plants.
The country’s governing centre-right coalition, headed by Moderate Party Prime Minister Ulf Kristersson, recently joined 11 fellow European Union members in an informal group of member states called the Nuclear Alliance, with the objective to strengthen cooperation in energy generation.
Sweden’s Prime Minister Ulf Kristersson.Credit: Getty Images
As a result, the government has now changed its legislated climate targets to 100 per cent “fossil-free” energy – meaning no coal or gas – by 2040 and carbon-neutral by 2045. It means that nuclear generation can count towards the government’s energy targets.
Keep reading about the change here.
This morning’s headlines at a glance
Good morning, thanks for your company and commiserations for those who didn’t get Taylor Swift tickets. Yet.
It’s Thursday, June 29. I’m Caroline Schelle, and I’ll be anchoring our live coverage for the first half of the day.
Here’s what you need to know before we get started:
- The federal budget’s growing reliance on personal income tax is risking the nation’s long-term finances, an independent agency warns.
- Australia is gearing up to import greenhouse gases from some of Asia’s biggest polluters as the government introduces new laws that will allow international emissions to be buried in carbon capture for the first time.
- Australia recorded the smallest annual increase in inflation in more than a year, fuelling hopes the Reserve Bank will hold off raising interest rates when it meets next week.
- But, soaring electricity and gas prices have driven another double-digit jump in the number of Australians in debt from unpaid energy bills.
NSW’s anti-corruption watchdog will hand down its report into former premier Gladys Berejiklian.Credit: Dean Sewell
- The Coalition could lose the next six elections because Millennials and Generation Z voters aren’t shifting towards conservatives as they get older.
- In NSW, the state’s anti-corruption watchdog will release its report into former Premier Gladys Berejiklian this morning, two years after she revealed she had been in a “close personal relationship” with Daryl Maguire.
- In culture news, Taylor Swift has broken an Australian record for people attempting to buy concert tickets as over 4 million eager fans across the country tried to buy pre-sale tickets.
- Overseas a ship brought ashore debris from the Titan submersible that imploded while on a voyage to the century-old wreck of the Titanic, killing all five people on board.
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