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

I thank Senator Roberts for his historic question—at least in that sense. In relation to the report by Dr Moran that Senator Roberts references, I have not seen a copy of that report. It may well have been sent to my office, and I—and I'm sure the Minister for Energy and Emissions Reduction—will find an opportunity to review that work at an appropriate time.

In terms of the question on the energy prices, our government is certainly determined to continue work to reduce energy prices wherever we possibly can. Since July last year, we put in place our price safety net to cap standing offer prices in the energy market. For residential customers who were on the higher standing offers before 1 July last year, they could well be better off by up to $666 per annum in New South Wales, $590 in South Australia or $725 in South-East Queensland—in Senator Roberts's home state.

These reforms are making tangible differences to household energy prices and are bringing them down. Our introduction of a reference price, requiring retailers to advertise offers in a way that is transparent and easy to compare, has, according to the ACCC, seen the cheapest market offer as at September last year—some $290 to $355 lower in New South Wales, $262 lower in South-East Queensland and $330 lower in South Australia. Indeed, as well average wholesale electricity prices in the National Electricity Market in the first quarter of this year were the lowest since the fourth quarter of 2016. Our reforms are making a difference in terms of energy prices at the wholesale level and the retail level, and we will continue to work to reduce them.