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

But it is a welcome fact that the honourable member's constituents, who are on the Endeavour Energy network, would have received a residential reduction in prices of up to seven per cent. Small businesses on the Endeavour Energy network, which covers the honourable member's electorate, received a reduction of 4.4 per cent. That's a good thing, and we welcome it while recognising that there is much more work to do.

These announcements by the Australian Energy Regulator today are the result of several events. They are the result of the coal and gas caps that have been put in place by this government, which those opposite voted against. They are the result of reducing international pressure. We pointed to the international pressure when prices went up; we point to the international changes when prices go down. They are the result of getting more renewables into the grid because renewables are the cheapest form of energy—

Opposition members interjecting—

That always sets them off, but it's true. These announcements are also the result of a request by me as the federal minister, supported by state ministers, to the Energy Regulator to prioritise the needs of consumers—which overturned a previous request from the former minister for energy, the former member for Kooyong, changing that direction to the Australian Energy Regulator—and that has been reflected in the results today. These are all positive developments. They're a welcome development in the face of ongoing pressures.

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