The Morrison Government is committed to reducing power prices.
During six years of Labor Government, power prices doubled and went up each and every year.
We understand Australian families are struggling with the cost of living and rising power prices are impacting their household budgets.
Small businesses, the backbone of our economy, are also struggling with rising power prices, preventing them from being able to employ more people and take advantage of new opportunities.
We will not be distracted from our goal of lowering power prices for Australian households and small businesses.
The electricity sector needs to re-establish its credibility and trust with the community, and the Coalition Government will ensure the interests of customers come first.
We are taking practical action to lower power prices:
- Stopping the price gouging by energy companies
- Providing customers with a price safety net
- Backing investment in reliable generation and encouraging more competition in the market
We have turned the corner on power prices with reductions announced in QLD, NSW and SA from 1 July 2018.
The Coalition Government is not afraid to use a big stick on the big energy companies to stop the big rip-offs.
We are also taking decisive action to help families and businesses with their electricity bills right now by requiring power companies to provide better deals, securing priority gas supply for Australia, and putting downward pressure on network costs (which are passed on to customers) by stopping the energy networks from gaming the system.
Bill Shorten wants to replicate South Australian Labor’s 50% renewable target on a national level, which will mean higher electricity prices and greater unreliability. This is like a tax on electricity.
Labor also wants Australia to go far beyond the rest of the world and cut carbon emissions by 45% – this reckless policy will damage our economy and cost local jobs.
Under Labor’s emissions intensity scheme, households will pay more on their power bills compared to the Coalition.
Labor’s true thinking was revealed by its Environment Action Network, which said “high prices are not a market failure. They are proof of the market working well.”
And state Labor policies have continued to increase pressure on prices through shortages in gas supply, unrealistic renewable energy targets, and open hostility to reliable baseload power.
The fact is Australians will be stuck with higher power bills under Labor and they will be left in the dark.
MORE GAS SUPPLIES
The Morrison Government is securing more gas for Australians, through the Australian Domestic Gas Security Mechanism. That is, we are giving Australians priority access to gas before it is exported.
We have secured agreement from gas producers to cover projected shortfalls (of up to 107 petajoules) over the next two years.
The ACCC has found our actions have reduced wholesale prices by as much as 50%.
New regulations will also improve gas transportation, which accounts for 15% of the cost.
BETTER DEALS FOR CUSTOMERS
Companies will now be required to inform customers when their discount benefits cease.
Around 1.6 million families have received letters telling them they are not on the best plan.
Companies are now required to develop simple fact sheets with understandable comparisons.
Over 1 million families have now visited the Government’s Energy Made Easy switching website to get a better deal: www.energymadeeasy.gov.au
CUTTING NETWORK COSTS
We’re putting downward pressure on network costs, which are passed on to customers.
We’ve abolished the Limited Merits Review process, which allowed energy networks to appeal decisions of the Australian Energy Regulator.
If Labor had done this when they were in power, it could have saved consumers $6.5 billion.
BUILDING SNOWY 2.0
Snowy 2.0 will make renewable energy reliable by increasing storage capacity by 50%, adding 2,000 megawatts of renewable energy capacity – enough to power 500,000 homes.
Snowy 2.0 will also create 5,000 jobs.
The feasibility study confirmed Snowy 2.0 is a viable project which will lay the foundation for our future energy system.
RECORD INVESTMENT IN RENEWABLES
2017 was a record year for investment in renewables for Australia, with investment increasing by 150%.
According to Bloomberg New Energy Finance, Australia is one of the top 10 most attractive countries in the world in which to invest in renewables.
Australia will meet the emissions requirements of the Paris Agreement.
Australia beat its first Kyoto target by 128 million tonnes of greenhouse gases. And we are on track to beat our 2020 target by 294 million tonnes.
The Government has committed to a responsible emissions reduction target of 26 to 28% below 2005 levels by 2030.
The Government is supporting practical emissions reduction projects through the Emissions Reduction Fund like energy efficiency, capturing landfill gas and boosting soil carbon.
We have secured more than 190 million tonnes of emissions reductions at a low average cost of less than $12 per tonne. (This compares to Labor’s Carbon Tax, which reduced emissions by less than 12 million tonnes at a cost of $15.4 billion – around $1,300 per tonne).
Information current as at September 2018