With time seemingly running out on a government response to surging energy prices, NSW Treasurer Matt Kean has unleashed on Federal Labor for “consulting with themselves and unions” without yet delivering a solution.
The treasurer confirmed he had discussed the issue of price limits with his federal counterpart Chris Bowen as had Premier Dominic Perrottet and Prime Minister Anthony Albanese.
Treasurer Matt Kean said the Federal Government needed to act quickly on energy prices. Picture: NCA Newswire / Gaye Gerard “What they’ve said is they’re concerned they don’t have the powers to be able to cap coal prices, our legal advice says that they do have the powers to cap coal prices if they want to go down that path and we would obviously support them.”
Reports have emerged since September that the Cabinet was considering a trigger on domestic gas supply, a tax on producers’ superprofits, a mandatory code of conduct and a price cap on both Coal and LNG. “It doesn’t matter how they do that, they want to talk about capping a particular commodity that’s fine, there are many methods that they could use.
Australian Energy Regulator Chair Clare Savage told a meeting of energy ministers that the existing electricity prices would be persist for 12 months unless there was action by December 1.
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