Australians can expect a significant rise in their power bills

Australians already dealing with rising cost of living pressures should also now expect an increase in their electricity bill. Today the Australian Energy Regulator increased its default offer price for three states, as some experts warn we could see the biggest rise in electricity prices in decades.

Electricity bills are set to rise. Source: Getty / MarkPiovesan/Getty Images/iStockphoto

Australia's soon-to-be energy minister Chris Bowen today had to deliver some bad news for Australian households.

The default offer set by the Australian Energy Regulator will see prices for residential customers rise between eight and a half and 14 per cent in New South Wales, up more than 11 per cent in southeast Queensland and 7 per cent in South Australia.

Victoria’s regulator earlier in the week announced an increase of five per cent.

Bruce Mountain is with the Victoria Energy Policy Centre.

He's warning businesses and households to expect a big increase in their bills this year.

The new government is blaming its predecessor for the rise and is promising to invest in renewable energy.

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