Labor’s big idea to bring down energy prices, the Victorian Default Offer (VDO), came into effect more than 12 months ago.
It has failed.
Energy Minister, Lily D’Ambrosio, promised it would save Victorians up to $450 on their bills, grandiosely deeming her own idea as: “one of the biggest reforms to the energy sector in over a decade.”
Big talk – here’s the reality: under Labor, power prices have spiralled out of control.
When the VDO was introduced the average annual residential power bill was, according to the Victorian Energy Market Report 2018-19, as low as $1,453.
The Commission’s most recent June 2020 Energy Market Update estimates that the average annual residential VDO power bill is now $1,517.
Labor promised power bills would come down by up to $450 a year under the VDO, but despite Labor’s “big reform”, power prices have continued to rise.
This is on top of the 20 per cent rise in power bills that households and businesses have had to endure under five years of Labor policies.
Labor keep promising its policies will bring energy prices down. Far from being a “big reform”, Labor’s VDO is a disaster with Victorians, as always, paying the price.
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