Melissa McIntosh (Lindsay, Liberal Party, Shadow Minister for Energy Affordability) Share this | Link to this | Hansard source

My question is to the Minister for Climate Change and Energy. This government promised Australians a $275 cut to their electricity bill by 2025, but households in my electorate of Lindsay are owed a $1,027 cut to deliver on this promise. Today's release of draft regulator prices for electricity confirm this government's failure to deliver, with annual bills in Western Sydney up 37 per cent on early 2022. Will the minister admit this promise will never be delivered?

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

I thank the honourable member for her question. What the announcement by the Australian Energy Regulator today shows is that energy prices are stabilising and falling after the highest energy prices the world has seen in 50 years. I would have thought that would be welcome news to the House. Nobody should underestimate the cost-of-living pressures that the Australian people are under and the need to be constantly vigilant to do more to help Australians with those cost-of-living pressures, including when it comes to energy prices.

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Moreton is warned.

Chris Bowen (McMahon, Australian Labor Party, Minister for Climate Change and Energy) Share this | Link to 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.

Melissa McIntosh (Lindsay, Liberal Party, Shadow Minister for Energy Affordability) Share this | Link to this | Hansard source

A point of order on relevance. I specifically asked: will the minister admit his promise of $275—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Resume your seat. The minister is being very relevant with his answer regarding the question he was asked about prices and about updating the House on why he believes the prices are the way they are. I appreciate that was part of the question the member asked, but he can deal with the entirety of question, and that's what he's doing. The minister has one minute remaining.

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

I do appreciate the sensitivities of those opposite, who voted against the coal and gas caps and voted against the energy rebates that were in the budget, which provided support to millions of households. I also understand the sensitivity of those opposite because the draft that was released today is the default market offer. That was released in accordance with the law; released openly and transparently. I did not sign a regulation to hide it. I did not instruct the Australian regulator today not to release it. It is possible to do such a thing. It has been done in the past. The former minister for energy signed such a regulation on 31 March 2022—which I table, signed by the member for Hume—instructing the Australian Energy Regulator not to release a 20 per cent increase in power prices just days before the last federal election, which was a very dishonourable thing for the honourable member to do.

Honourable members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! There is far too much noise from both sides of the chamber. We will take the temperature down.