Ms Julie Bishop (Curtin, Liberal Party, Minister for Foreign Affairs) Share this | Hansard source

We are a leading exporter of coal, LNG and uranium. We are a leading researcher into the technologies surrounding solar power, pumped hydro storage and battery power. Yet under successive state and federal Labor governments, paradoxically, this global energy powerhouse, this superpower, has amongst the highest electricity prices in the world because of Labor policies. Indeed, the ACCC report commissioned by the Treasurer into electricity affordability has shown that South Australia has the third highest electricity price in the world. Across the planet, South Australia had the highest electricity prices. It's also shown that the average National Energy Market price is higher than the average of the entire European Union. So these are monumental failures by Labor governments.

The independent Energy Security Board has warned that high electricity prices will impact on Australia's international competitiveness. That will harm our economic growth. That will harm our jobs growth. That is why the Turnbull government has intervened in the gas supplies to secure them. That is why the Turnbull government has taken on the electricity generators and the retailers. As a result, we are seeing prices coming down. That is why the big businesses in Australia who employ thousands and thousands of Australians back our National Energy Guarantee, because they know it's a mechanism to bring prices down. In fact, it's estimated that wholesale electricity prices will decrease by 20 per cent. Of course, in addition, we will see the forecasts of average household bills coming down by $550. That poses the question: why does Labor support policies that will harm our international competitiveness and destroy jobs? It is because Labor is captive to the Greens. That is why Labor has an ideological, irresponsible, 50 per cent renewable energy target and an irresponsible 45 per cent emissions reduction target. They will harm Australian industries. They will harm jobs. That is why we back a National Energy Guarantee, because the Turnbull government stands for affordable and reliable power. Labor stands for higher prices, higher costs, fewer jobs.

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