SBS On the Money: What’s being done about high electricity prices?

AGL Energy would be very well aware of the public perception issues with its $399 million half-year underlying profit, up 359 per cent at a time when many Australians are struggling with the rising cost of living. The Bureau of Statistics says electricity prices rose 5.7 per cent since the June 2023 quarter, and had it not been for the government’s Energy Bill Relief rebates, that increase would have been closer to 18 per cent. The annual rate of inflation is 4.1 per cent. So it was interesting to listen in on the company’s earnings presentation today where early on, CEO Damien Nicks highlighted AGL’s commitment to increase customer support funding in the face of growing customer cost pressures while also investing in empathy training for its call centre staff. It comes as the federal government announced an extra $41 million in Energy Efficiency Grants for small and medium businesses to help them invest in new cooling and heating technology to help reduce costs and emissions. Hear from AGL Energy CEO Damien Hicks, Telecommunications Industry Ombudsman Cynthia Gebert speaks with Rhayna Bosch in telco complaints, while SBS Finance Editor Ricardo Gonçalves speaks with Damien Boey from Barrenjoey on the day’s sharemarket action including China's worsening deflation situation.