Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

He knows that, in fixing up the mess in South Australia on energy prices, the National Energy Guarantee is an important part of setting things right. The National Energy Guarantee is a critical part of the government's plan to produce cheaper electricity prices. This parliament has a critical opportunity to seize this sliding-doors moment for Australia to walk through to a path of cheaper electricity prices. There are two alternatives. One is that we pass the National Energy Guarantee and, through that measure alone, a $150 reduction in household power bills; the other is that we go down the Labor Party's path and see household power bills go up by $190 because of their reckless target policies, which will only force electricity prices up.

The National Energy Guarantee is part of a bigger plan. The ACCC was commissioned by me as Treasurer, and by the government, to put together further recommendations to lower electricity prices for cheaper electricity. The first thing they said was: 'Back the NEG. Back the National Energy Guarantee. That is a critical component.' Secondly, they said to give customers more power by shining a light on what has been a lack of transparency in how big energy companies charge people in the market and give consumers greater power to understand how they can get a better deal and ensure they get a better deal; to back in finance for new energy generation facilities across the country—that's their recommendation, to back that finance in, and that's what we're leaning into; and to put a leash on the big energy companies trying to gobble up smaller energy companies, to ensure there is competition in the market. That's a real plan.

We're moving forward with all of those plans to ensure that we can get cheaper electricity prices. But right now the challenge is to pass the National Energy Guarantee. We do not want to let jobs and investment go offshore. BlueScope, Alcoa, BHP, Rio Tinto are all saying, 'Pass the National Energy Guarantee, because it will deliver lower electricity prices in Australia and support Australian jobs.'

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