Zoe Daniel (Goldstein, Independent) Share this | Hansard source

Prosperity is defined as economic wellbeing for everyone, not just a handful of greedy multinational gas companies who are exploiting both an Australian resource and a war for profit. That is why we are here today—because Australian consumers need people to fight for them in this House, to ensure that households and businesses can keep the lights on and keep people employed. To those householders in Goldstein, small business operators and manufacturers who I have spoken to about this over the last few months, you have brought us here today. These multinational companies could have read the room and come to the table in good faith. Instead, they chose to profiteer while Australians struggle with energy prices dictated not by the ample supply here in Australia but by international markets under Russian influence.

I first raised the need for action last June, advocating for a windfall tax. Multinational fossil fuel companies operating in Australia will make a gross profit of up to $140 billion this year from Australian gas and coal. Still, today, the gas companies shriek about how unfair it is that gas prices will be capped at a reasonable level, and yet, at $12 a gigajoule, the profit across the spectrum of Australia's gas fields will sit at somewhere between $4 and $8.

In Western Australia, gas companies have continued to make a handy profit since 2006, when that state introduced its gas reservation policy, even with prices in the $5 to $7 range. So spare me the performative histrionics. Arguably, setting a price at $12 is too high and will slow down our transition away from gas, because it will artificially make it too profitable, just like the war. Indeed, 70 per cent of east coast gas is exported, and there's much continuing export profit to be made. Allowing Australian manufacturers to access energy at a reasonable price will not break these companies, which operate in an anti-competitive way as an effective cartel in the way that they control production and fix prices. The game is up. These companies should be careful of crying wolf, as they continue to make windfall profits from their export product and pay next to no corporate tax.

It may be the week before Christmas, but I am pleased to be here to represent my community on this issue. As the Australian Industry Group told me in a letter:

The combination of actions chosen by the Federal Government, while far from perfect, is likely to be helpful overall in reducing energy affordability pressures on industry and households over the next few years and improving the long-term position of energy users.

I agree: this is imperfect and will, at best, stop prices from skyrocketing further rather than bringing them down. It's time to get as many households as possible off gas. I look forward to discussions with the government to revolutionise household energy use so our communities are not beholden to global companies who have shown little care for the Australian people, the Australian economy or the Australian environment. I will support this bill.

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