ANALYSIS: How straightforard legislation for an energy price cap led to torrid months ahead
Even the business sector is split between those who back more intervention in the gas market, and those who don't.
A long-held disposition to howling that various government interventions represented the end of the world might give rise to scepticism about the resources sector's case. The legislation raises questions about Jim Chalmers' capacity to control supply, demand and the price of the gas market. "This provision is expected to remain as long required, and until the ACCC advises the Government that domestic gas prices are reflective of the underlying costs of production and that there is sufficient supply at these prices".The government therefore raises a plethora of questions about the powers of both the Treasurer, and the ACCC, to judge market conditions and costs of production.
"What we need here is an ongoing arrangement to make sure that if there are dud deals in the market, there's a way to arbitrate them", Chalmers told ABC radio.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gas companies remain ‘furious’ over price cap billSenior Political Reporter Trudy McIntosh says “gas companies remain furious” over the proposed gas price cap bill which will be debated on in parliament during a special sitting. The aim of the bill is to lower energy costs for households and businesses over the next 12 months.
Read more »
Shares retreat, lithium price falls rattle investorsSkittish investors dumped lithium stocks on news auction prices fell marginally in November for Pilbara Minerals. The broader market finished down 0.6 per cent.
Read more »
Energy industry ‘jumping at shadows’ over price cap billAssistant Minister for Trade and Manufacturing Tim Ayres says the industry is “jumping at shadows” over the energy price cap bill. “These measures deal with a price cap that’s temporary and sensible for a very small proportion of the gas producers’ overall production,” Mr Ayres said. “A decade of policy inertia, inaction, and uncertainty … that uncertainty has had an impact on investment decisions and made Australians more reliant upon these prices, more reliant upon particular sources of energy. “The country’s been held back for a decade.”
Read more »
Power price relief on the wayThe bill will temporarily cap the price of gas, and will introduce a stopgap code of conduct for gas companies. 9News
Read more »
PM ‘confident’ government has ‘got the balance right’ with energy price packagePrime Minister Anthony Albanese says he is “confident” the government has got the balance right with the energy price package which has recently passed the House of Representatives. “This is a very modest package of a very modest intervention that is required because of the extraordinary circumstances,” he told Sky News Australia.
Read more »
Afternoon Update: Australia to impose coal and gas price limits; NSW blocks Byron Bay short-term housing cap; and UK airports ease liquids ruleLabor’s energy bill passes parliament including price caps
Read more »