Electricity contracts have dropped by 50 per cent since the October budget, says the Australian Energy Regulator; France defeats Morocco 2-0 to reach World Cup final. Follow updates live.
Federal treasurers Jim Chalmers says the government’s energy bill will take ‘urgent action’ as energy prices rising by 20 per cent this year.
“Without intervention, next financial year retail gas prices are expected to increase by a further 20 per cent, and electricity prices by a further 36 per cent. That’s why urgent action is needed – including through this legislation. “The ACCC has identified this price based on the costs of production and a reasonable return on capital. And it is still a high domestic price by historical standards.
The price cap will be reviewed in mid-2023, to ensure it is having the intended effect, and to consider whether adjustments are needed.
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