Aussies Suffer an Electric Shock That Hurts Like a Rate Increase
- Power bills weigh on finances as RBA frets over consumption
- Citigroup estimates income drag equivalent to 25bp rate hike
Australian households are already struggling with the killer combination of record low wage growth and record high household debt. Now, there is another headache on the way. Electricity prices are expected to rise. Bloomberg's Michael Heath reports on 'Bloomberg Daybreak: Australia.' (Source: Bloomberg)
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Sydney charity St Vincent de Paul handed out A$600,000 ($477,000) of vouchers last month to low-income earners struggling to pay their energy bills -- five times the average of a year earlier.