Albanese reviews Port of Darwin sale; RBA lifts interest rate to 0.85 per cent; inflation puts Labor government under pressure; business calls for visa speed up; Socceroos win through to last FIFA World Cup qualifier versus Peru

Date:


Federal Energy Minister Chris Bowen has convened an emergency meeting with state energy ministers this afternoon to address the spike in electricity and gas prices, but he says there is no ready solution to fix what he argued was a decade of inaction from the former Coalition government.

“There’s no easy fixes here,” Bowen told ABC Radio this morning. “We’ve been very clear about that. One meeting isn’t going to solve all the problems of nine years of lack of energy policy.

Energy Minister Chris Bowen does not support a windfall tax on gas exporters.Credit:James Brickwood

“We have some meaty issues to discuss, some issues around powers of regulators, some issues around information, and some issues that I’ll be putting forward about better planning and better integration of the massive investment we need to avoid this problem into the future.”

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

“Over the last few years, we’ve had a 70 per cent reduction in renewables investment. We’re way underdone on transmission, as AEMO, our energy market operator, has said, we need 10,000 kilometres of new transmission lines and we need nine times the amount of utility-scale renewables it takes to make the system more stable.”

As reported in this masthead today, the Australian Workers Union set the scene for a clash with the government by calling for a windfall tax, similar to that enforced in the UK, to be levied on gas exporters, which are earning record profits on the soaring global market.

But Treasurer Jim Chalmers has ruled out a windfall tax, and Bowen backed this position.

“I’ve made the point that the situation in the United Kingdom is a bit different to the situation we’re facing, and you can’t just translate one answer in one country – as good as it might be for, say, the United Kingdom – to the situation we’re facing in Australia, which is a little different.”



Source link

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Priced Out: How Dallas’ Soaring Rental Costs Fuel Homelessness

Hector Hernandez stood outside his small Oak Cliff apartment in early July on one of his last...

Sell HDFC Life Insurance Company, target price Rs 485: Reliance Broking

Broking has sell call on . with a target price of Rs 485. The current market...

Illinois Insurers Cannot Exclude UIM Coverage for Bicyclists and Pedestrians

Auto insurance carriers must pay uninsured motorist benefits to...