Chris Bowen (McMahon, Australian Labor Party, Minister for Climate Change and Energy) Share this | Hansard source

Honourable members opposite interject. The shadow treasurer interjects. He had a different view prior to the election. Prior to the election he was asked about Ukraine and what does it mean for the world's gas supply. The member for Hume said that obviously it's putting upward pressure on oil and gas prices around the world. That's what he said. Then we also had the other energy minister in the government, who said 'In the last 12 months we have seen Russia invade Ukraine, and to think that's not going to have an impact, particularly on energy prices and supply chains and disrupt the economy, would be unfair. I don't think that would be realistic.' That was the other energy minister, who was also the Prime Minister, the member for Cook. I'm not sure in what capacity he was talking, but that was his view. He was actually correct.

We understand the impact on the surf club. We understand the impact on residents. We understand the impact on industry. That is why we will not stand by and watch this play out. We will not stand by and watch the fact that thermal coal was selling at $286 a tonne in December 2021 and is now selling at $505.15 a tonne. That's going to flow through unless the government takes action. Gas was selling for $11.56 a gigajoule in December. Today it is $18.67. This is what is driving the energy price rises right around the world, as the International Energy Agency have made clear. They said just last week that 90 per cent of the—

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