In financial year 2024, the average market price of gas in Victoria, Australia was 11.34 Australian dollars per gigajoule. This was a significant decrease from the previous year.

In the fourth quarter of 2024, the average retail petrol price in Melbourne, Australia, was ***** cents per liter. The average petrol price increased from the beginning of the measured period, the third quarter of 2023, largely driven by international benchmark prices for imported petrol. But it dropped again in September 2024.

The past few years have seen significant changes in the electricity retail market. Deregulation has intensified competition from new, smaller retailers, which has limited pricing power and profitability for traditional industry giants. Despite the implementation of price caps, like the Default Market Offer (DMO) and the Victorian Default Offer (VDO) that improved price transparency for consumers, retailers faced challenges with escalating wholesale supply costs driven by high gas and coal prices, extreme weather events and fluctuations in demand. While some retailers were able to offset these costs by benefiting from high wholesale prices, non-integrated retailers suffered significant profit margin losses. Government interventions have sought to control retail prices and provide relief for households and small businesses facing rising costs. The increasing adoption of rooftop solar panels presented challenges for retailers in maintaining demand. However, solar panel adoption rates have plateaued as subsidisation has declined, offering relief for retailers. Overall, revenue is expected to climb at an annualised 1.5% over the five years through 2024-25, including an anticipated 0.8% hike in the current year, to total $50.4 billion. The short-term forecast for electricity retailers shows a potential for increased revenue, based on regulatory changes to the DMO and VDO. These provisions are set to cause a rise in prices for consumers, particularly small businesses, increasing cost pressures in 2025-26. Over the medium term, overall electricity demand is forecast to swell because of factors like higher electrification, electric vehicle usage and increased hydrogen fuel production. Although industry revenue is projected to dip through 2029-30, promising demand trends, driven by population and household growth, will alleviate some of the impacts of revenue declines, signifying a complex yet optimistic outlook for electricity retailers. Revenue is forecast to marginally decline at an annualised 1.0% through the end of 2029-30, to total $48.0 billion.