Angus Taylor (Hume, Liberal Party, Minister for Energy and Emissions Reduction) Share this | Link to this | Hansard source

I thank the member for Kennedy for his question and his strong interest in the prosperity of Central and North Queensland, an interest we share on this side of the House. We're committed to affordable, reliable energy for Central and North Queensland—in fact, for all of Australia. As the member for Kennedy knows, we've committed over $5 million to the important CopperString Project between Mount Isa and Townsville, a project that will help to put downward pressure on electricity prices in Townsville, one of the great energy hubs of Australia and of the world, with metal processing, fertiliser and other energy-intensive businesses in that area.

It's absolutely crucial that towns like Mount Isa have access to affordable, reliable energy. That's why we're delivering on our fair deal on energy we announced before the last election. We're taking strong action. We've introduced price caps, we've ensured customers have a better basis for choosing the best possible plan for them, we're helping them get the best possible deal, we're supporting new supply into the marketplace and we're getting more gas into the market. Our plan is working, with four consecutive quarters of electricity price reductions at the retail level, a 3½ per cent reduction, for the first time since records began. The good news is that in the last quarter in terms of wholesale prices we've seen a 35 per cent reduction compared with the same time in the previous year, including in Queensland.

The crucial point here is that that needs to be passed on. In Queensland, the Queensland government plays a crucial role in passing that on. We've recently passed legislation through the parliament, the 'big stick' legislation, that requires substantial and sustained reductions in wholesale prices to be passed through to customers. Those opposite opposed that legislation many times over. They couldn't work out whether they were Arthur or Martha. This legislation will ensure big industrial users see the benefits of those wholesale price reductions. We're seeing reductions in the wholesale price of gas too—again, a 35 per cent reduction in the last quarter since the same time last year.

I'll tell you what we're not going to do. We're not going to set a target without a plan. We've seen those opposite spruiking a plan, in the absence of having one of their own, from the CSIRO with a $273 carbon tax. That's what we're not going to do.