Treasurer Jim Chalmers has told Australians they can expect a slight relief in their power bills as a result of Labor's pre-Christmas energy market intervention.
Before Christmas the Albanese government passed emergency legislation to lower energy prices through a $125 per tonne cap on coal – to be imposed by Queensland and New South Wales – and a $12 a gigajoule limit on gas for 18 months.that power bills were expected to soar by at least 35 per cent in 2023, after rising by about 20 per cent in the second half of 2022.
“Our plan is designed to take some of the edge off these energy price rises and we're really encouraged to see that's the case,” Mr Chalmers told ABC Insiders on Sunday morning. The Coalition voted against the energy package which also provided $1.5 in federal assistance for bill relief, calling for the government to split the legislation as it did not support the price cap on gas.
He cited a statement from AGL to the Australia Stock Exchange that the “the impact of government intervention contributed to a sharp decline in forward electricity prices”. However, Deputy Liberal leader Sussan Ley has questioned the new analysis of ASX future data by the Treasury, calling for the government to be honest with Australians about their power prices.
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