Electricity prices are expected to rise 50 per cent over the next two years, Labor’s first federal budget in a decade has revealed.

The Treasury data estimates consumers will face a 20 per cent rise by the end of the year, followed by a sharp increase in 2023-24.

4BC national political editor Michael Pachi said Australians were looking for some relief in the budget, as they continue to grapple with rising cost of living pressures.

“One of the things that did come up in this budget, was probably one of those hidden nasties, is that we are being told that the cost of electricity is going to rise by about 50 per cent over the next two years, and that is a whopping rise,” he told Laurel, Gary and Mark.

But he said many of the measures in the budget kick in next year.

“The bottom line is all this budget was, was Labor putting its election commitments on paper, and putting a price tag around them,” he said.

Press PLAY below to hear his analysis in full

RELATED 

Treasurer warns electricity prices will continue to rise