Price Caps a Disastrous Reaction

The Albanese Government is set to introduce price caps to coal and gas before Christmas in an attempt to bring down the rising cost of energy. 

Member for Dawson Andrew Willcox said the Government’s package is looking to have a disastrous effect on the coal and gas industry both in the short and long term.  

“The effect of price caps is that they kill supply. The way to address this issue, is to increase the supply,” Mr Willcox said. 

“My view is to keep prices down, keep the lights on and continue to encourage investment into the industry. 

“I have been calling on the Albanese Government since I was elected to release a sensible plan that will address and ease the pressures of electricity costs of households and businesses. Their inaction and reluctance has now resulted in reactionary panic that will completely jeopardise the industry. 

“The Labor Government should learn from other countries who have implemented price caps. They have proven time and time again, to be unsuccessful and put the nation’s energy supply into chaos.  

“Labor want to ignore the real issue which is supply. As I’ve said many times in Parliament, the Labor Government are obsessed with idealistic renewable targets, when in reality we need more coal and gas now. Even the market operators, the ACCC are saying that more supply is the answer. I’m greatly concerned that Labor will learn this the hard way, meanwhile Australians end up collateral damage and pay the price. 

“Labor’s first promise to reduce power bills by $275 has already failed. Now their next thought bubble is set to be a disaster for Aussie households and businesses.” 

To pass the legislation required, Mr Albanese has recalled Parliament to Canberra next week, after Parliament had concluded for the year. At great expense to the taxpayer, Labor are sending 151 parliamentarians back to Canberra to debate another rushed policy, with little regard of the consequences.  

“Many times myself and my Coalition colleagues have raised the alarm on the looming energy crisis. But the Labor Government has had their blinkers on, and their priorities back to front, more concerned with pushing through their radical Industrial Relations reforms. Now they are slapping on a program that is panicked and ill conceived,” Mr Willcox said.