Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

I know, of course, that the Labor Party is, as always, just playing politics, but I'm quite happy to explain to Senator Pratt that we will deliver lower electricity prices through a combination of measures. There are four key parts of our plan. The first is a price safety net to stop big power companies ripping off loyal customers who don't have time to shop around for a better deal. We know that some households are paying over $800 more per year and some small businesses nearly $3,500 more per year. We'll also be stopping price gouging and dodgy practices by the big energy companies, including banning sneaky late payment penalties and making energy retailers pass on savings in wholesale prices to customers. We'll be backing investment in reliable power by underwriting new electricity generation to improve competition, increase supply and reduce wholesale electricity prices. We'll be supporting 24/7 reliable power by requiring energy companies to sign contracts guaranteeing enough energy to meet demand. (Time expired)