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The quick task experts say could slash your power bills this winter

Australians are rationing their own comfort to survive the cold, with nearly nine in 10 households cutting back on heaters and hot water to stay afloat.

New research from Compare the Market reveals 87.4 per cent of Australians are actively taking steps to slash electricity costs as households brace for another expensive winter.

Turning appliances off at the wall was the most common measure, used by more than half of those surveyed.

READ MORE: The easy task millions are putting off that will slash hundreds from bills

Millions of Victorians offered free electricity during the day

46.8 per cent said they were reducing their use of heaters or air conditioners, while 44.1 per cent had switched to energy-efficient light bulbs.

Another 23.2 per cent said they were taking shorter showers or cutting back on hot water use.

Compare the Market economic director David Koch said households were trying everything they could to keep bills manageable.

READ MORE: Inflation could hit 7 per cent – this is what it could cost you

Worried mature man reading power cut notification letternews, holding heating bill, He is confused and astonished by unbelievable news: high bill tax invoice, debt notification, bad financial report, money problem

"Before we see anyone shivering through winter by switching off heating or taking cold showers, one effective bill buster is ensuring you're on the cheapest energy plan to begin with," he said.

He stressed that many Australians were still missing out on critical savings by failing to compare providers.

"The number of people I've met who complain about high bills but haven't compared their plan in more than a year is astounding," he said.

"It takes just a few minutes to compare. And hot tip: check your latest bill for a better bill offer message."

A consumer points to her electricity bill from Griddy energy on an app showing her energy cost of $3114.27.

Only 9.3 per cent have switched providers, even though ACCC data reveals a staggering 73.3 per cent are currently overpaying on the wrong plan.

The findings come ahead of the upcoming default market offer and Victorian default offer announcements, which help set electricity pricing benchmarks ahead of July 1.

They act as pricing indicators for electricity costs and can influence the wider market, with retailers often adjusting their own plans in response.

The amount of physical cash circulating in Australia is at a near-record high.

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