Luke Howarth (Petrie, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for the Environment and Energy. Will the minister please update the House on action the government is taking to reduce energy cost pressures for hardworking businesses and families, including the Golden Ox, an iconic restaurant in Margate in my electorate of Petrie which has watched its power bill almost double. Is the minister aware of any obstacles to delivering energy reliability and affordability?

Josh Frydenberg (Kooyong, Liberal Party, Minister for the Environment and Energy) Share this | Link to this | Hansard source

I thank the member for Petrie for his question and acknowledge his deep concern for the rising electricity prices in his electorate, including the businesses on the Redcliffe Peninsula, including the Golden Ox. I spoke to the owner of the Golden Ox, Nick, who with Virginia has run that business from many, many years. They employ 20 people. They have seen their electricity prices increase nearly 300 per cent in the last five years alone. Nick says that this is holding him back from employing new people in the electorate of Petrie. That is why we on this side of the House have been focused on important reforms for the energy markets—getting more gas out of the ground, getting more liquid and transparent markets, speaking to the LNG suppliers and getting a commitment from them to meet future shortfalls, ensuring that we can reduce the price of the transportation of gas through the pipelines, getting more storage into the system. The Prime Minister has led the charge when it comes to pump hydro. Whether it is Cultana, Kidston, Snowy Hydro 2.0 or innovative battery technology projects, we are focused on reducing electricity prices and getting a much more stable system.

But I am asked if there are any obstacles to this approach. While the Golden Ox is being kicked for having higher electricity prices, those on the other side are praying to their golden calf—the 50 per cent renewable energy target. They do not know what it is called, they do not know how much it costs, they do not know whether it will be legislated or not, but they are persisting with a 50 per cent renewable energy target. No wonder Graham Richardson calls their policy a farce. No wonder the CFMEU has written to everyone every Labor member—

Ms Plibersek interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Sydney will leave under 94(a).

The member for Sydney then left the chamber.

Josh Frydenberg (Kooyong, Liberal Party, Minister for the Environment and Energy) Share this | Link to this | Hansard source

The CFMEU has written to every Labor member saying that their energy policy will increase electricity prices. The AWU head in Victoria said it has the potential to crucify hundreds of thousands of manufacturing jobs. That is what those on your side of the House are telling you about your own policies.

It is not just the federal Labor opposition; it is also Labor governments like the Queensland Palaszczuk government. It has a 50 per cent renewable energy target which the independence Grattan Institute has called 'magic pudding' economics. So it is time that the Labor Party—whether it is the Labor Party in South Australia with their 50 per cent RET, the Queensland Labor Party with their 50 per cent RET, the Andrews Labor government with their 40 per cent RET or the Leader of the Opposition with his 50 per cent RET—put jobs first, energy security first and energy affordability first, and stop idolising the golden calf of a 50 per cent RET.