Mitch Fifield (Victoria, Liberal Party, Minister for Communications and the Arts) Share this | Hansard source

Thank you, Senator Storer, for the supplementary question. I should remind colleagues that the government is focused on attracting new investment in reliable generation, increasing competition and reducing electricity prices. The Underwriting New Generation Investments program is going to improve reliability and security by increasing the level of firm capacity in the system—that is, the amount of energy generation that can be available when needed—which goes directly to Senator Storer's point.

The ACCC recommended that Australia adopt a program to underwrite new-generation investment. The government shares the ACCC's concerns regarding current levels of competitiveness in the wholesale market and the impact it's having on increasing prices for consumers. That's why this government is unlocking new investment in reliable electricity generation. For the benefit of colleagues: we released a consultation paper on 23 October; submissions closed on 9 November; and round table meetings will soon commence.