Federal government will change power price rules

The federal energy minister will announce changes to power price regulations on Wednesday, aiming to reduce costs for consumers by limiting what retailers can charge for expenses like advertising. This is intended to lower electricity bills. The changes will target the "default market offer" (DMO), a benchmark price in several states, and may include restrictions on costs retailers can pass on. The minister will highlight Victoria's model as a more effective approach to controlling price increases. The minister will also discuss Australia's bid to host the COP31 climate summit, urging Türkiye to withdraw its competing bid. Australia is seeking to host the summit in 2026.