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

It is critical for jobs in the honourable member's electorate and in the electorates of all honourable members. It is critical for investment, which is critical for the wellbeing of communities. All honourable members should be well aware that we have seen increasing pressure on energy prices. It is putting real pressure on household budgets. It is putting real pressure on businesses as they see the price of electricity and, even more so, the price of gas increasing at a rapid rate. These are very troubling developments, and we are taking action to deal with them. We are taking action to avoid repeating the mistakes of the past. This is not an experiment or an issue to be solved by ideology or politics. The keys to answering and addressing this problem are economics and engineering.

In my previous answer I talked about what we are doing to ensure that there is adequate gas supply for the domestic market. That is a vitally important source of energy for electricity and thermal heat and of feedstock for the petrochemical and other industries. This is a vital part of our economy, and prices have gone up dramatically because of a scarcity of supply, which is driven by the consequence of foolish and ill-thought-out decisions by previous governments—both of them Labor, as it happens—to allow exports from Curtis Island without any regard to ring fencing or protecting gas supplies for the domestic market.

Moreover, we are examining the way in which we can increase the efficiency of gas pipelines, another big part of the cost of gas. We are working on reforms there. The ACCC is ensuring that there will be real transparency in the gas market. More transparency about prices will enable us to monitor and manage that sector better. But, above all, we are committed to the single largest increase in renewable generation in our history: Snowy Hydro 2.0—2,000 megawatts.

Opposition members interjecting—

Members opposite scoff. Well, they might talk about a few batteries here and there. Let me tell you, Snowy Hydro 2.0 will be able to generate 2,000 megawatts not for an hour but for 7½ weeks. (Time expired)

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