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 | micksfoley and NickToscano1 auspol
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.
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