Chris Bowen (Prospect, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

I am glad the honourable member for Canning agrees that this is not a matter for the blame game. All governments need to ensure that there are no further delays in the implementation of the national gas law. Any delay creates uncertainty which can be both crippling for those seeking to make long-term investment decisions and concerning for them.

Labor understands the need to set the right regulatory framework that promotes competition and efficient economic outcomes in the gas industry. Labor supported the Commonwealth’s first instalment of reforms through the Energy Legislation Amendment Bill last year, although the opposition were keen to remind the minister at the time about the Commonwealth’s sluggishness in moving forward with the next wave of economic reform and the strengthening of the Trade Practices Act, and we would renew that reminder today.

Getting the national regulatory framework right is essential for the investment climate surrounding gas transmission and generation. The second wave of Ministerial Council on Energy led reforms is being developed by the ministerial council’s retail policy working group in consultation with a stakeholder reference group. The nation does need to move forward urgently with more microeconomic reform. We cannot rest on the laurels of previous achievements. We cannot say that national competition policy is over and there is no more reform necessary. One thing that the Prime Minister and I would agree on is that there is an ever-receding finishing line on economic reform; there is always more to do. This bill is one step in that ever-receding finishing line. The government needs to progress quickly to ensure the second wave follows soon thereafter. I commend the bill to the House.

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