Angus Taylor (Hume, Liberal Party, Minister for Energy) Share this | Hansard source

It is a pleasure to be able to speak about our plan to get Australians' electricity prices down through practical action and giving practical outcomes for everyday Australians, for families and hard-working small businesses who deserve a better deal on their electricity prices, who deserve electricity supply that is on 24/7. We've made very clear that the heart of our policy is lower prices and we are seeing the outcomes already. As we heard during question time, AGL has reduced its standing offers for its customers, with 10 per cent reductions in New South Wales and Victoria. That comes to $180 for a typical household and close to $400 for a typical small business. There will be 150,000 households and 27,000 small businesses who will see the benefits of that. Similar benefits are now coming from Energy Australia and the smaller retailers as well. Next Energy is cutting its standing offer prices by 14 per cent for New South Wales and 8.5 per cent for Victoria, the states where they participate.

But right at the heart of our policy is holding the big energy companies to account, something that those opposite have absolutely no interest in doing. We're bringing forward to the parliament in the coming weeks legislation that will hold them to account, legislation that will stop the market manipulation that we have seen, manipulation that we saw when Northern Energy and Hazelwood withdrew from the market.

The ACCC made it very clear that, when supply is pulled out of the market, these big energy companies have behaved badly, including the big energy companies owned by the Queensland government. They're the worst of them, taking $2 billion out of the wallets of hard-working Queensland families, hard-working Queensland small businesses and those big businesses, like the member for Flynn knows so well, in towns like Gladstone that provide the jobs for so many Queenslanders. But that legislation will also stop the price gouging, the hikes above wholesale prices, the failure to pass on wholesale price reductions. Wholesale prices are down 20 per cent from the peak despite what the shadow minister just said and continue to come down through the hard work of this government. And the big stick legislation will also ensure that we retain supply in the market, supply those opposite want to see gone. They want to see those coal-fired power stations gone. Well, we need that supply. We need that supply to keep prices down, to keep the lights on, to keep our factories going and to keep our smelters going in Gladstone, in Portland, in Tomago and in Bell Bay—crucial supply for the jobs of so many Australians.

Meanwhile, we will bring new supply into the market. By early next year, we will have a shortlist of 24/7 projects that will ensure we have the supply we need for all Australian businesses, for those energy-intensive businesses that have been the backbone of this country for so long. Right at the heart of this plan—

Ms Keay interjecting—

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