Australian families could pocket or miss out on hundreds of dollars in savings depending on a series of pricing decisions coming from authorities due in the next few weeks. That's according to Compare the Market Economic Director David Koch.

Koch said three big events could have a major impact on household finances for the rest of the year. They are the Reserve Bank’s rate decision on Tuesday, the energy regulators’ draft pricing announcements, and an imminent call on health insurance premiums.

“It’s crunch time for decision makers tugging at the purse strings of Aussie families,” Koch said.

“These authorities have the power to deliver considerable relief, or issue fresh pain to people battling the cost of living.

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“While there is a lot to weigh up, we’re calling on decision makers to be fair and reasonable with their choices, as well as transparent about the reasons changes are made.

“Australians deserve to know why prices continue to be put up, because ‘inflation’ simply isn’t good enough of an explanation in my books.

“It’s an election year, so the good news is there will be plenty of scrutiny over each decision that’s made.”

Health insurance premiums

A “perfect storm” of inflationary pressures and political tensions have added heat to health premium pricing negotiations this year.

Health Minister Mark Butler has already rejected initial proposals from health funds, urging them to come up with a more "reasonable" average figure to reduce the strain on household budgets.

When the decision is finally made, Australians will have until 1 April to compare their options before the changes take effect.

“We’re urging customers to be prepared as shopping for cheaper deals may be one of the only ways for some to avoid the sting,” Koch said.

“While the headline average figure is what everyone talks about, we know that there can be huge discrepancies between insurers and policies. Last year, we saw increases as low as 0.27% and as high as 5.82 per cent at individual funds, so doing some research can make a big difference.

“Some health insurers will even allow you to pay for your policy a year in advance, which means you can effectively lock in last year’s cheaper prices for the next 12 months.”

Energy price

New pricing “safety nets” will come into effect in July this year but consumers will get the first indication of what could come when regulators release their draft decisions in early March.