Finance Minister Katy Gallagher says the government is looking at all options to reduce gas and electricity prices but insisted if a tax was introduced it would not be used as a budget repair mechanism.
The government is currently discussing options to reduce the soaring energy and gas prices affecting much of the globe with regulatory changes being considered along with a tax on the super profits of coal and gas companies.
“We’ve been looking at how do we manage our way through this pretty tricky situation we’re in now and what are the interventions that government can do to take pressure off manufacturers and households,” she said. Stream more on politics with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer ends 31 October, 2022 >
“But understanding the impacts of the intervention of the different options is really important that’s why we’re taking our time.”the government’s preference would be a “regulatory solution, rather than a tax solution”Electricity and gas prices are expected to increase by more than 50 and 40 per cent respectively over the next two years, at the same time as gas companies rake in massive profits.
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