00:01So, the default market offer is actually a fair, trusted and reasonably priced option.
00:07So, it's a regulated price that is available to customers. The majority of customers are
00:12not on the default market offer. We have about 8% of residential customers and 15% of small
00:17business customers who are on the default market offer or a standing offer contract.
00:21But it is also a reference price for the market offers that most people pay. So, it is a really
00:27important signal to the market about where prices are going. So, good news for customers. We are
00:32seeing price reductions. So, the majority of residential customers will have price decreases
00:37between 1.1% up to 10.7%, with small business customers seeing even larger decreases between
00:446.8% and 20.9%. There are some customers in South Australia who are on flat retail tariffs and
00:53those
00:53standing offer customers will see a very modest increase, but 1.4% increase there.
00:58What is driving it is really reductions in the cost of producing electricity. So, we've seen a lot more
01:03batteries and solar systems come into the electricity market over the last 12 months.
01:09They've been making that market much less volatile. We've not needed as much gas and hydro generation
01:15in the evening peaks. And that's really cut that cost of wholesale generation. And that's what we're
01:21seeing flow through to prices from 1 July this year.
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