Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

Thank you, Mr Speaker. What we know is that too many Australian households and businesses are paying more for their electricity than they need to. Because they are on discounted plans which have expired they have gone back onto standing offers and are paying far too much for their electricity. We're not talking about small amounts. The Australian Energy Market Commission has identified that the difference in the plans between what people should be paying and what they are paying can run into the hundreds of dollars a year—in some cases, up to $1,500 a year. As the Treasurer said in the press conference after the meeting, the best friends of the retailers are complexity and inertia, because consumers simply do not know what their rights are and what their opportunities are.

So we have secured real reforms to the electricity sector which will benefit families right now. We're ensuring that the electricity retailers will make their customers aware of the best deals that are available to them. In particular, if a customer is on a discounted plan—as many people are—which is coming to an end, retailers will have an obligation to advise that customer that their plan is coming to an end and what the consequence will be if it comes to an end without them going onto a new plan, if they go on to the standing offer. They will show what that would mean for the customer in terms of additional expenditure based on their last year's consumption.

This is going to involve a change to the regulations under the National Electricity Law. Because of their support for it, it can be done on an expedited basis and can be done in six weeks. Our commitment is to ensure that our consumers, families, households and businesses are well informed and that the retailers give them the information that enables them to ensure they have the best deal. This is action right now. It will mean families will be paying no more than they need to right now, remedying the mistakes made over so many years by Labor.

See this speech in context