The Australian Government welcomes the initiative by energy retailers to establish a voluntary comparison rate for power prices.

An outcome of the constructive energy retailers roundtable held in Sydney today, a comparison rate will reduce confusion and make it simpler for Australians when navigating different discount rates from different prices.

The Government has been clear we want a fairer deal for Australian families and small businesses.

Energy retailers have heeded calls by the Government for customers to be put first.

'Energy retailers need to work quickly to deliver fairer, lower prices as soon as possible,' said Minister for Energy, Hon Angus Taylor MP.

'The energy retailers need to re-establish their trust with the Australian people, and this is an important first step.

'Making it easier and less confusing to navigate power prices is essential for lowering the cost to Australian families and business owners who do not have the time to negotiate a fair deal.'

Energy retailers will establish a working group to implement the voluntary comparison rate, with the assistance of the Department of Environment and Energy.