Australian households and businesses pay far more for their energy than their US counterparts and this disparity is making us uncompetitive on the world stage, according to a report from the University of Sydney’s United States Studies Centre.

In the report, entitled “It doesn't have to be this way: Australia’s energy crisis, America’s energy surplus” the authors found that Australian households and businesses paid up to three times more for their energy than their counterparts in the US. In a globalised economy like Australia’s, high energy costs posed an immediate threat to industries such as manufacturing, chemicals and steel, which consume high levels of energy, they said. A 25% increase in electricity generation prices and domestic gas prices would cost more than 33,000 Australian jobs and 1.15% of GDP.