Remember the clocks go forward 1 hour at 2am on Sunday (Saturday night).
The hour will not be lost completely, it is being given as a no-interest loan to the Gods of Time, to be returned to us on 5th April next year.
Edit: Corrected my grammatical error, because https://aussie.zone/u/dan@upvote.au is right, even if I don’t want to admit it. It is Daylight Saving, not Savings.
Alongside some excellent points made by others here, it also adds to the electricity cost of air conditioning because more people are at home during the hot evening daylight hours, and means we aren’t spending as much time sleeping during the coolest hours.