Libby Coker (Corangamite, Australian Labor Party) Share this | Hansard source

The Albanese government understands that cost-of-living pressures are biting. We know that one of the key expenses for household are energy bills. That's why we have taken action to rein in power prices with the energy price relief package. This will help families. It'll support small businesses. It'll help seniors and pensioners and save Aussie manufacturers. We've been able to do this through responsible, timely and targeted measures. The Albanese government has designed the Energy Price Relief Plan. This includes a 12-month price cap on new contract sales of gas by producers. This is already having a positive impact for households—for households in Victoria and for people in my electorate, where gas is used widely for heating and cooking. It matters. People are recognising that these power prices are lower than they otherwise would be because of the steps this government—our government—is taking.

It's reflected in the market's response. The ASX Cal-23 electricity futures prices fell steeply for each of the mainland states through to the end of the last quarter. Treasury analysis shows that forecast wholesale prices have already dropped between 29 and 44 per cent. These reductions have come about because of the Albanese government's policies.

Unfortunately, the opposition voted against action on power prices and tried to block direct energy price relief. If they had their way, households would be paying $230 more on their energy bills without a cent of extra support. But don't just take my word for it. Here's their record: first, they helped create the problem with their decade of energy policy chaos, then they kept power price increases a secret until after the election and then they tried to block direct energy bill relief for households and businesses. Under the opposition, we also saw a three-gigawatt decline in dispatchable power. Snowy 2.0 is running 18 months late, and they promised $1 billion for 12 projects to deliver 3.8-gigawatt capacity. Instead, they delivered zero gigawatts. What a damning record.

In contrast, the Albanese government is reducing power prices and looking to the long term. We're investing $20 billion in Rewiring the Nation so your renewable energy can flow into the grid, making energy more affordable and reliable. We're investing almost $2 billion in the Powering the Regions Fund, half-a-billion dollars in the Driving the Nation Fund and a quarter of a billion dollars in community batteries, including one in my electorate of Corangamite, in Torquay. These batteries will benefit 100,000 households, reducing their energy bills. We have also invested over $100 million for community solar banks and over $60 million for small businesses to become more energy efficient. Under an Albanese government, in its first six months, we have seen the strongest jobs growth of any Australian government, with 234,000 new jobs. The accomplishments of this government are something Australians can be proud of.

However, we acknowledge this issue isn't an overnight fix. In 2023 we should be optimistic about the future but realistic about the challenges we face. We have a lot going for us: low unemployment, the beginning of wage growth, and high prices for our products abroad. Confronting the inflation challenge is a core part of our economic plan, as is investing in infrastructure, supporting small business and creating jobs. That's why our energy price relief package is so vital. It's about saving households and businesses money, it's about creating a more stable energy market that supports the economy as a whole and, importantly, it is about reining in energy prices and putting more money in your pocket.

I know the people in my electorate of Corangamite are telling me every day about their challenges with the cost of living. We are acting, and people are acknowledging that, but there is so much more we need to do. We are up to the challenge. We want to create an environment where you and your family can not only pay the bills but thrive and prosper. So the Albanese government will continue to act on the cost-of-living pressures, taking action on energy prices, investing in infrastructure, supporting households, supporting small businesses and creating secure, rewarding jobs.

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