Kevin Hogan has claimed the Albanese Government's 'Soviet-style' energy policy of capping the price of gas and coal will result in power shortages because some industries 'don’t trust the government anymore to make investments'.
Labor on Thursday passed legislation to cap the price of gas at $12/gigajoule and coal at $125/tonne in addition to $1.5 billion in power bill assistance which it claims will save Australian households $230.
“That is what the Soviet Union used to do they’d put a price on something and say the price isn’t going to go above this or that,” he told Sky News Australia host Peter Stefanovic on Friday morning.Stream more on politics with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer ends 31 October, 2022 >
Mr Hogan said Labor's policy choices made it the “most left-wing government since Whitlam” and claimed it would be responsible for power shortages caused by corporations restricting investments in greater supply projects. “I think in the intermediate term this will only make prices go up but we’re going to have supply shortages of energy products because of this.”
“About 96 per cent of gas contract deals that were done in 2021 were for under that and the average price was under $10,” he said.
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