Australia’s large gas producers face price caps or export limits as pressure mounts on the federal government to fulfil its election promise to bring down energy costs and boost manufacturing, after Treasurer Jim Chalmers ruled out any new taxes or power bill subsidies.
Higher energy costs loom as a major political risk for the federal government, which promised during the election campaign to cut power bills by $275 by 2025 and to grow manufacturing with aChalmers said on Tuesday he was working with Resources Minister Madeleine King, Industry Minister Ed Husic and Energy Minister Chris Bowen to bring down gas prices and warned producers that he wants to see tougher measures to force better outcomes for the economy.
King has warned the gas trigger could be changed so it can be pulled more frequently than just once every 12 months, as is currently permitted.Chalmers has repeatedly ruled out new taxes on energy companies or an increase in the existing Petroleum Resources Rent Tax, measures which could have either increased the cost of exporting gas to increase and lower domestic supply or generate revenue to support local buyers.
Australian homes and businesses are set to face more dramatic increases in their electricity bills next year because of ongoing rises in wholesale electricity prices. Alinta Energy, the nation’s fourth-biggest power generator, warned retail power prices would increase by at least 35 per cent in 2023.
Australian Industry Group chief executive Innes Willox said financial assistance would be needed by the most vulnerable businesses and households to get through the coming two years.
micksfoley NickToscano1 Former government presided over record renewable investment but knew coal/gas still required for base load power during transition ?
micksfoley NickToscano1 Oh, an empty election promise … shock horror
micksfoley NickToscano1 Thats the price we pay for the former federal liberal government 10 years none action !:
micksfoley NickToscano1 On notice 😂😂😂😂
micksfoley NickToscano1 It’s the market you muppet. It’s not greed… it’s supply and demand. The is chalmer’s MO… all spin, zero economic acumen. It comes from never actually had a real job.
micksfoley NickToscano1 Why won’t you allow responses on your tweet about Chandra Lloyd, the latest Victorian Liberal Party resignation?
micksfoley NickToscano1 This was posted 10 minutes later, comments are disabled...this is not independent journalism!
micksfoley NickToscano1 Keep telling us how “renewables” are cheaper and better.
micksfoley NickToscano1 Just Bullshit on top of Bullshit cover up by more Bullshit
micksfoley NickToscano1 You wanted action on climate , you got it . The poor will suffer .
micksfoley NickToscano1 “Chalm offensive” 🙌🏼
micksfoley NickToscano1 Labour care factor is zero they keep blaming it on previous government
micksfoley NickToscano1 Plummeting credibility looms for compromised newspaper which promised truth, balance and defence of democracy before becoming a propaganda pamphlet for the LNP under the stewardship of Peter Costello. auspol