Allegra Spender (Wentworth, Independent) Share this | Hansard source

I rise in support of the Treasury Laws Amendment (Energy Price Relief Plan) Bill 2022. I rise in support of this bill because I think families and businesses in this country are hurting, and they are hurting because of a war overseas, and that has driven a fossil fuel price crisis.

I do not like to intervene in markets. I don't genuinely think that's the role of government. But in this case I think we have been left with no choice. I feel that, while I have concerns about the bill, it is appropriate in terms of not raising inflation and not interfering with our overseas contracts. I support the amendment the Greens have put forward to make sure that we invest in household electrification and moving our families in Australia off fossil fuels.

My question really is about what we're going to do in the long term. Australia is currently running a capital account deficit. This is something that hasn't really happened for 50 years, and this is a time when we need an unprecedented investment in capital. And we need to find a long-term way to manage our resources and our energy markets so that companies have the certainty to invest, so that our communities are protected from price spikes in the future that are driven by external circumstances such as wars, and, also, so that our community benefits from increased prices when they happen and they're unexpected. This is a long-term question in front of the parliament, and that is a question that I put to the Treasurer.

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