Anthony Albanese says he understands the states' concerns that introducing a price cap on coal may hurt their royalties, but something must be done to lower energy prices.
abc.net.au/news/anthony-albanese-compensation-coal-price-caps-energy-prices/101733094Prime Minister Anthony Albanese says he understands the states' concerns that introducing a price cap on coal may hurt their royalties, but insists something must be done to lower energy prices.
The government is in the process of finalising its plan to intervene in the energy market to try and curb a looming hike in power prices.ABC revealed last week that as part of the intervention, the government is set to cap gas pricesBut it is facing resistance from states over its request to put a cap in place on coal prices, with at least two states — New South Wales and Queensland — raising the prospect the Commonwealth would have to compensate them for lost royalties if caps are put in place.
Ahead of a national cabinet meeting this Wednesday, Mr Albanese said he understands the concerns of the states but something has to give. "Unless we act there will be a considerable increase in the cost of power for both individuals and businesses," he told 5AA radio. "What we aren't sympathetic for, though, is the idea that we have these massive windfall gains, and somehow that is occurring at the same time as businesses and people are doing it tough.
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