Statement on the national energy price cap

15 March 2023

When Federal Labor Treasurer Jim Chalmers announced a 56 per cent increase in energy prices over two years in his October budget, the NSW Liberal and Nationals Government acted to protect NSW residents by capping coal prices.

As a result, contract prices have fallen by up to 50 per cent since the Commonwealth budget announcement, leading to today’s reduced draft Default Market Offer that caps price rises for 2023-24 at 22 per cent.

A re-elected Liberal and Nationals Government will deliver $250 in household energy bill relief. Chris Minns has said he will cut this assistance for around 1.5 million households.

I would also note today’s announcement that Victorian household bills are expected to increase by up to 31 per cent which is higher than NSW and every other eastern mainland state in the National Energy Market.

Given Chris Minns has signalled his intention to copy Victorian Labor’s approach to energy policy here in NSW, this should be a cause of concern for every single electricity consumer in our state who cannot afford the price of a Labor government.

Federal Labor delivered a budget announcement of huge energy bills, and to date zero dollars in cost of living relief. State Labor and Chris Minns have promised to slash our $250 bill relief while also admitting their energy plan will deliver no bill relief for seven years. It’s clear that Labor is all rhetoric and no action.

Related Articles: #Budgetandeconomy | #Energy