Energy companies will have to simplify their billing structures under plans announced by Ofgem, making it easier for consumers to compare prices and overhauling a system the regulator believes is stifling competition.

Profit margins for energy firms have increased more than eight times since June as a result of rate hikes by Britain’s six dominant energy companies, energy regulator Ofgem said.

It estimates companies are making 125 pounds per customer in profit, compared with 15 pounds in June, although margins should shrink to 65 pounds in November, it said.

Ofgem said on Friday it continued to believe radical change was needed to address poor supplier behaviour and a lack of transparency in a system where consumers are currently faced with more than 400 tariffs to choose from.

Electricity and gas firms will still be able to offer a mix of products but under the Ofgem plans it will set a fixed standing charge on top of which the companies will have to offer a variable price per unit, making bills clearer and price comparison easier.

The plans mean the only variable on any bill will be the price per unit of gas or electricity and extra layers of complexity such as discount structures will be removed altogether.

“So the lower the price the smaller the bill, with no exceptions,” Ofgem said in a strongly worded statement which chimed with recent speeches by senior members of the government who have called on it to get tough with suppliers.

Prices have risen sharply in recent months, putting pressure on the government to ease the pain for consumers grappling with rising unemployment and sub-inflation wage growth.

Ofgem said the plan was the “first of four waves of reform” which would include plans due in November to help business users and in December decisions on proposals “to break the stranglehold of the Big Six in the wholesale electricity market”.

Britain’s energy minister Chris Huhne last month pledged “to get tough with the big six energy companies”.

Britain’s six largest utilities are German groups E.ON (EONGn.DE) and RWE (RWEG.DE), British companies Centrica (CNA.L) and Scottish and Southern Energy (SSE.L), French operator EDF (EDF.PA) and Spanish firm Iberdrola (IBE.MC).

Ofgem said its latest report on prices showed the average dual fuel bill in Britain now stands at 1,345 pounds a year.

ANZ customers are seeking an average refund of about $1,500 per account holder as part of the huge $50 million class action currently being pursued against the bank for “fee gouging”.

According to the AAP, the claims of the 27,000 customers who are participating in the lawsuit range from hundreds of dollars to over $35,000.

The claims are for fees that customers allege were charged unfairly by ANZ from 2004 such as dishonour fees on bank accounts and over-limit fees and late payment fees on credit cards.

News of the average claim amount came as it was reported that the federal court has called on international accounting firm Deloitte to help it find the easiest way through the class action, which is now due to reconvene on March 7th.

It was also confirmed that another 11 banks, including the Commonwealth Bank, Westpac and National Australia Bank, are expected to face similar actions against them.

Such unprecedented legal action against the banks could lead to improved rights for consumers, thereby encouraging more people to compare credit cards and other products in search of the best deals.

The case against ANZ is being funded on a no-win no-fee basis by IMF Australia.

Bankwest has announced a range of new initiatives geared towards offering support to communities hit by the natural disasters that have recently rocked Australia.

Outlining its main areas of support, the bank has explained how it was quick to step in and offer support to the victims of the Queensland floods, with $50,000 donated to the Disaster Relief Appeal and consumers across the state seeing fees both at Bankwest ATMs and those in a number of stores lifted.

Additionally, those customers living in areas affected by the floods or by Cyclone Nasri, including those with credit card debt with the bank, are also being given the chance to benefit from Bankwests financial relief package.

Elsewhere in the country, the bank has also donated $100,000 to the Lord Mayors Distress Relief Fund for those affected by the recent Western Australia bushfires, while in Carnarvon, customers whose livelihoods have been affected by the floods seen there are able to make use of a range of hardship options.

The summary of Bankwests support packages has been published just days after the bank celebrated the launch of its Super Start Home Loan, designed to offer consumers in the market for home loans the chance to enjoy a low introductory rate and a lack of maintenance and exit fees.

Australias economy is not out of the woods yet, with new figures suggesting business conditions will remain hard across the country for some time yet.

While a number of recent reports have warned that the recent floods seen in Queensland will hit everyday consumers hard, with banks tipped to put up rates on debit cards or home loans in order to compensate for their losses, figures show that this may have been the case even without the natural disaster hitting.

Indeed, according to the National Australia Bank (NAB), business conditions were weakening at a steady rate towards the end of 2010, with its business conditions index dropping markedly several weeks before the first of the floods hit.

Notably, several of the sectors most likely to impact upon the lives of ordinary Australians, such as utilities, finance and agribusiness were all seen to suffer at the end of the year, with conditions found to be tough in the state of Victoria as well as Queensland.

Meanwhile, shares in some of Australias biggest banks have taken a hit in the wake of the Christchurch earthquake.

A number of Aussie consumers could be encouraged to compare credit cards online as the country is set to see food prices rice.

According to a report in the Daily Telegraph, the federal governments carbon tax will eventually lead to more expensive items at the grocery store.

The news provider explained that the tax will leave some of Australias largest retailers with carbon bills of millions of dollars per year.

Indeed, a nationwide survey of 500 retailers revealed that 83 per cent of businesses intend to pass these additional costs onto their customers.

Peter Anderson, chief executive of the Australian Chamber of Commerce and Industry, told ABC Radio that the introduction of the tax will damage the economy.

“The architecture of the carbon tax that the government outlined last week was inherently uncertain in its own right,” he commented.

Aussies concerned about the rising cost of groceries could find out which credit card would suit their needs best by carrying out an online comparison.

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