Cassandra Fernando (Holt, Australian Labor Party) Share this | Hansard source

I would like to start by offering my applause to the Albanese Labor government, particularly the Prime Minister and the Treasurer, for delivering a budget that builds a stronger, more resilient and more modern economy. This government was elected with a mandate to deliver immediate cost-of-living relief to the millions of Australians struggling due to the mess left behind by those on the other side of this chamber. The previous government oversaw four gigawatts of dispatchable power leaving the grid and only one gigawatt replacing that. They concealed energy price rises during the election and hid delays on major projects.

These challenges will take much more than a few months to rectify, but this government, using a collaborative approach that has become a common theme for everything we do, is working closely with the states and the private sector to ensure the Australian people have the energy system that they need and deserve. This means an investment of $20 billion in the transmission grid, targeting 82 per cent renewables into the grid and reforming the market to reduce volatility and increase transparency for consumers. It means a package of reforms to the Australian Domestic Gas Security Mechanism.

There have been rorts which are too many to name and $1 trillion in debt. As a nation, we are also faced with crises at home and across our shores which impact our economy. First there was the global pandemic, which put severe pressure on supply chains across the world. Now we have a war in Europe due to Russia's illegal invasion of Ukraine, which is creating havoc in energy markets around the world and pushing electricity prices higher at home. I understand the impact high energy prices are having on households and businesses, and I wish the previous government had been aware of the risk of playing games with our nation's domestic energy policy. Instead, it was left to those who did nothing but leave a decade of chaos and delay behind.

The government's policies include moving a quarterly-basis consideration, modernising energy market regulation with the states and territories and increasing the monitoring and oversight of gas markets. It means investing $157.9 million in energy security and reliability, including the National Energy Transformation Partnership to bring more renewables online faster through national significant transmission projects, better social licence outcomes and enhancing transmission and planning; investing $20 billion through the Rewiring the Nation fund; and expanding and modernising household energy performance standards. I'll tell you what the Albanese government is taking action on: cleaning up the mess created by the previous government. I can confirm that renewable energy is cheaper and moving the energy grid to 82 per cent renewable will reduce energy prices. I can confirm that the previous government, including the former energy minister, the current shadow Treasurer, not only knew that electricity prices were skyrocketing but also ordered that the information be hidden from the Australian people.

Of course we stand by our plans to reduce power prices. Just as the Australian people gave us the mandate at the election, the Australian people will judge us on what we actually deliver. Our government is delivering a $7.5 billion five-point plan that delivers targeted cost-of-living relief for households without adding to inflation. Our plan puts some money in people's pockets; boosts productivity; grows the economy; includes cheaper childcare for more than 1.2 million families; progressively expands paid parental leave to six months by 2026; produces cheaper medicine by reducing the PBS maximum co-payment to $30 a script; delivers more affordable housing; and gets wages moving again. I thank the House.

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