Steve Irons (Swan, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on action the government is taking to put downward pressure on the cost of living for all Australians? How is the government taking practical action to ease the burden on family and business budgets?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Swan, who, as both a successful small business person and a former electrician, understands well the impact on small business budgets and, indeed, family budgets when it comes to rising prices, whether it be electricity or other areas. The government understands that the flat incomes Australians have been dealing with now over some years put real pressure on those family budgets. That's why in this year's budget we announced that we were guaranteeing the essential services that Australians rely on, whether it be Medicare, the National Disability Insurance Scheme or record funding for education, and that we're also acting to put downward pressure on rising prices for electricity and other essentials of life.

I announced in the budget the Prime Minister's five-point plan to put downward pressure on electricity prices. We are keeping our gas at home to ensure that it delivers on domestic needs. We are increasing the supply of energy through generation, storage and transmission. We are investing in low-emissions technologies. We are ensuring, as the energy minister has, that the regulatory system doesn't put pressure on prices going up but puts pressure on pushing prices down, such as abolishing the limited merits review initiative that he is taking forward. That is also about ensuring customers do not get taken for a ride by large energy companies when it comes to their power bills. Today we are giving the power back to families over their power bills.

We are giving power back to the consumer, because a real competitive market is a competitive market where customers have real power and tools and information. And the obligations that are being put on those energy companies as a result of the meeting we had today and the work that this government will continue to proceed with will ensure that millions of Australians will get a better deal on their energy bills and have the tools to do that. An important part of that is also empowering them with their own data to get a better deal. Whether it is getting a better deal out of your energy company, getting a better deal out of your telco or getting a better deal out of your bank, customers need to be in power to get the right prices and the right deals out of their market.

The Labor Party only has a policy to drive up electricity prices. The foolishness of their 50 per cent RET will just put more costs on business. It will shut business down, as the SA government has been shutting businesses down. In the same way as the Leader of the Opposition wants to tax Australians out of business, he wants to put prices on families that will drive them to the wall.