Cassandra Fernando (Holt, Australian Labor Party) Share this | Hansard source

The cost of living has increased significantly in recent years, and these pressures continue to burden households across our great nation. Many families are struggling to keep up with the rising cost of essential goods and services, including energy. Energy prices are a significant contributor to this problem, and it is essential that we take action to address this issue.

As we all know, energy prices have been steadily increasing over the past year, due to circumstances that occur once in a generation, and nearly a decade of the coalition's incompetence. This has put a significant strain on household budgets. In fact, families in my electorate of Holt and across the country have been forced to choose between heating their homes, putting food on the table or paying their bills. I am proud to support a government that is fully across the difficulties faced by everyday Australians and that has been proactive in tackling these challenges.

Since being elected seven months ago, the Albanese Labor government has put the task of easing cost-of-living pressures at front and centre of its priorities in the immediate future. Families having it tough, like many in my electorate, want a solution which will help them meet the cost of the next billing cycle and the billing cycles after that. Energy companies have the responsibility to provide affordable energy to consumers. However, it is clear that the pricing model that was in place was not working for most households.

As elected representatives, we have a duty to hold energy companies to account and to ensure that we are acting in the best interests of consumers. This means working with stakeholders across the sector to find ways to reduce energy costs and pass on these lower costs to consumers. By taking urgent action to shield Australian families and businesses from the worst of these energy price spikes, by introducing our energy price relief plan, the Albanese Labor government has taken a significant step towards this goal. The plan limits coal and gas prices, provides targeted energy bill relief for households and businesses, and invests in cleaner and cheaper and more reliable energy for the future. Treasury analysis demonstrates that the large electricity price increases forecast by the energy market for 2023 have dropped significantly since the announcement of the plan, including by 34 per cent in my home state of Victoria. This is a sign that the government's policy will help in sheltering consumers from the worst of the price increases that were forecast.

Our focus on delivering immediate price relief for Australian families is supplemented by this government's unwavering focus on increasing the share of renewables within this country's energy mix. Renewable energy is receiving record high investment under the Albanese Labor government, and for good reason. Not only is it better for the environment but also it can be significantly cheaper than traditional fossil fuel sources. By investing in renewable energy we can help to lower energy prices and reduce the cost of living for families across the country. Not only is renewable energy good for the environment but also it will help to stabilise energy prices in the long run. It is a long-term solution to the issue and, as the technology improves, it will become more cost-effective.

Renewable energy is the future, and I am proud the Albanese Labor government has been prioritising investment in renewables from the beginning of its term. This will not only help to ease the cost-of-living pressures on households but also secure our energy future. Australians know that higher power prices are a direct result of a year of Russian aggression and the coalition's aversion to investing in renewable energy. It is unfortunate that the coalition continue to make the same mistake in opposition by voting to make power bills for families hundreds of dollars higher than they need to be. Thankfully, adults are in charge. I am very confident Prime Minister Anthony Albanese and the Minister for Climate Change and Energy, Chris Bowen, will continue to deliver people-friendly policies for people across this nation.

See this speech in context