NSW Treasurer Matt Kean has forcefully pushed back against an Albanese government proposal for states to introduce a cap on coal prices, saying the issue of soaring power bills required a national solution.
Mr Kean said he had been told by the Albanese government that states and territories would need to impose any coal price cap because the federal government did not have the necessary powers.“Our legal advice is that they do have the powers to cap coal prices if they want to go down that path,” he told Sky, which NSW would support.
Mr Kean said there had not been any discussion of possible compensation with his Commonwealth counterparts, but NSW has previously indicated it would want to recover lost royalty income. He also accused the Albanese government of dragging its feet on coming up with a solution.“They’ve been consulting with themselves and unions for the past two months, and I’m worried that all they’re coming up with is an excuse. An excuse to do nothing,” he said on Sunday morning.
Reserve Bank of Australia governor Philip Lowe last month issued a blunt warning that the renewable energy transition would probably spark higher and more volatile energy prices in the years ahead.
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