Simon Birmingham (SA, Liberal Party, Minister for Trade) Share this | Hansard source

These policies have the benefit of helping to drive a new export industry for Australia in terms of using our renewable energy capabilities—in particular, to develop hydrogen and to be able to send it, as we have done so successfully with other energy sources, out into our region. But it also has the potential to help with Australia's energy grid into the future and with meeting our energy needs.

This sits alongside the work that our government has done in implementing the new Retailer Reliability Obligation; the new Grid Reliability Fund being established; putting in place price caps in the National Electricity Market; and delivering the new 'big stick' laws. All of these types of measures have seen stabilisation of energy prices—indeed, a fall in wholesale electricity prices. In the last quarter, Senator Rennick's state of Queensland and my state of South Australia had the lowest prices since 2016. That's because the government's reforms are working. And through the Hydrogen Strategy we are investing for the long term.