Tim Watts (Gellibrand, Australian Labor Party, Assistant Minister for Foreign Affairs) Share this | Hansard source

We know that Russia's illegal and immoral invasion of Ukraine has caused energy price spikes around the world. Indeed, the International Energy Agency has found that that invasion has caused 90 per cent of energy price rises seen around the world.

Of course, Australia was left even more exposed to this external shock than it needed to be thanks to a decade of chaos and neglect on energy policy under the Abbott-Turnbull-Morrison governments. Our domestic energy market has been hamstrung by ageing electricity assets and an inadequate amount of the policy certainty necessary to support investment in new energy infrastructure—a direct result of a decade of chaos and dysfunction, denial and delay from those opposite. It was a policy shambles that saw four gigawatts of dispatchable capacity leave the system and only one gigawatt coming in to replace it. It was a shambles that saw those opposite promise a billion dollars in public funding for 3,800 megawatts of new generation through the Underwriting New Generation Investments program. What did they deliver? Nothing. Well done! Nothing.

In May 2019, those opposite made a promise of their own, promising to deliver average wholesale prices of $70 per megawatt hour by the end of 2021. I can't recall which of the 18 different energy policies those opposite were pursuing when they made that promise during the wacky races of the previous government, but they didn't get within cooee of delivering it. In fact, the average wholesale price at the time of the last election was $286.18—not a 25 per cent cut but a 240 per cent increase.

Of course, this is what the former government was seeking to hide when it changed the law to cover up those impending price rises before the last election. Those opposite had a political tactic. They had a tactic for delaying the publication of these price rises. They had a tactic and a plan for themselves but no plan to the Australian public—no plan to shield Australian families and businesses from the worst of those increases, a direct result of a decade of dysfunction and delay. As always, they had a plan for themselves but not for Australians.

Our Energy Price Relief Plan has provided targeted energy bill relief for families and businesses while also investing in cleaner and cheaper energy for the future, and it is working. The recent final default market offering confirms that the Albanese government has successfully limited the worst of the energy price spikes. The DMO is set by the Australian Energy Regulator. It's the price that electricity retailers can charge customers in New South Wales, South Australia and South-East Queensland—the benchmark for all other electricity offers. The DMO has confirmed that price increases are up to $492 lower than they would have been without the government's intervention for residential customers and up to $1,310 lower than they would otherwise have been for small businesses. Indeed, for many customers eligible for the targeted energy price relief rebates, their bills won't increase at all. This includes temporarily capping the prices of coal and gas and providing $3 billion in targeted bill relief to eligible households and small businesses announced in the May budget—support directly for the most vulnerable in our society, those who need it the most.

They are the results that those opposite voted against. When you hear the Shakespearean soliloquies, the Churchillian rhetoric, understand that beneath it all lies nothing. Beneath it all lies political opportunism. They would rather a political fight than deliver action on energy prices for Australians. Consider the chutzpah of this mob opposite. First they changed the law to cover up the energy price rises before the election. Then they voted against the Albanese government's plans to shield Australian businesses and families from hundreds and even over $1,000 of power bill increases. Then they used forums like this to criticise the Albanese government for not doing enough. What have they offered the Australian public since the election? Politics. They'd rather a fight than take real action for the Australian public. They'd rather play politics than act. How else can you explain their decision to vote against action to help shield Australians from these price increases?

In fact, they have offered one other thing. In addition to politics, they've offered ideology. They've offered the most expensive and slowest to roll out form of energy to the Australian public—kooky ideology mixed in with their shameless opportunism and politics. Nuclear reactors. That's a strategy for willing winning back the teal seats, isn't it? Nuclear reactors in Brighton, Toorak and Cottesloe. It's genius. They really have their finger on the pulse.

The Albanese government knows that good energy policy needs a forward vision, taking action now while also facilitating the rollout of the cheapest form of energy: renewables. That's exactly what we are doing. We know that's what the Australian public voted for at the last election. We know that's what the Australian public voted for at the Aston by-election. Those opposite are slow learners, but we will not make the Australian public pay the price for their inability to pick up on the uptake. We're going to deliver real action. We are delivering real action as well as long-term action on climate change for the Australian public. The Albanese government is 12 months in, and we are already proud of our record. Long may it continue.

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