Households to feel pinch as coal, gas profits surge

The heated global energy market has driven Australia’s resources export earnings to new heights, boosting government coffers by nearly $30 billion but pushing household power bills to painful highs.

The Department of Industry, Science and Resources expects resource and energy exports to hit a record $450 billion this year, up $28 billion from the past financial year.

Resources commodities are set to reap record earnings in the next financial year, driving by an international ban on Russian exports.

Resources commodities are set to reap record earnings in the next financial year, driving by an international ban on Russian exports. CREDIT:ROB HOMER

The market is being driven by an international ban on Russian exports with global supplies expected to remain tight for at least the next 12 months.

Australian electricity generation companies are competing with the global market for coal and gas, pushing power bills up and spurring calls for the federal government to redirect tax revenue to help households and business with their energy costs.

Read the full article published in Brisbane Times 3rd October 2022