The federal government's chief economic advisor endorses market intervention to cap or reduce coal and gas prices, warning unusually high company profits are coming at the expense of poorer Australians.
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The federal government's chief economic advisor has endorsed market intervention to cap or reduce coal and gas prices, warning unusually high company profits are coming at the expense of poorer Australians.
Treasury secretary Stephen Kennedy has told parliament that the war in Ukraine has prompted a "redistribution of income and wealth" that is not in the national interest. "The current gas and thermal coal price increases are leading to unusually high prices and profits for some companies," Dr Kennedy said in a statement read out by deputy secretary Luke Yeaman."The same price increases are leading to a reduction in the real incomes of many people, with the most severely affected being lower income working households.
"The energy price increases are also significantly reducing the profits of many businesses and raising questions about their viability."
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