David Pocock (ACT, Independent) Share this | Hansard source

This is not my first speech. I rise today to speak about the need to reduce electricity prices. High and ever-rising prices contribute to the significant cost-of-living pressures that are being felt by people across the country. I would like to talk about the solutions.

Renewable energy and electrification: these solutions are right in front of us. Across the ACT, households are enjoying the benefits of the clean energy transition. While electricity prices soar across Australia, they are falling—yes, falling—by more than five per cent, when you account for inflation here in the ACT. The ACT is the only jurisdiction in which prices are falling, prices that are already cheaper than most places across mainland Australia. Just across the border, in New South Wales, households pay as much as $800 more on electricity each year. This saving is just the start, with further and more significant savings to be had as households start to enjoy the benefits of electrification.

These benefits are set out in a proposal I put forward for a 'suburb zero' pilot. Under that two-year pilot, participating households would be fully electrified—EVs, rooftop solar, battery storage, all electric appliances and heat pumps. All of these technologies exist and are available, off the shelf, today. Modelling by Rewiring Australia shows that electrification could save participating Canberra households more than $5,000 each year—$5,000 every year. This will put downward pressure on electricity prices and deliver real savings for households. And, just as household electrification reduces cost-of-living pressures, it will also put downward pressure on inflation.

We have heard a lot about inflation recently on the news and, indeed, here this chamber. A clear way to ease inflationary pressures is to reduce the cost of electricity prices, particularly to residential customers. This has been recognised by the Inflation Reduction Act in the United States, which commits some $369 billion of investment in clean energy to reduce the inflation caused by reliance on fossil fuels.

The economic argument for renewable energy and electrification is clear: electrifying our households is a capital investment in the future, like buying a mortgage or an education. Businesses should be given confidence to invest in renewable energy and electrification should be incentivised for consumer uptake. I'm proud to represent a community that has seen the opportunities and been a leader on some of the opportunities the clean energy transition presents us with, but we still have a long way to go. I want to work with everyone in this place to maximise the benefits for all Australians.