Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

Senator Hanson, we are seeking to deal with what is happening in global energy markets and what is happening in the domestic energy markets, and we inherited, as you will recall, a price increase for which the policy response was simply the former minister, Mr Taylor, hiding a price increase prior to the next election. We inherited a system which saw four gigawatts of dispatchable capacity leave the system with only one gigawatt coming in.

In relation to the point about renewables, the CSIRO, in their report in July 2022, forecast that by 2030 electricity produced by solar PV would be two-thirds cheaper than black coal and over 80 per cent cheaper than nuclear, and wind generation would be 50 per cent cheaper than black coal and 80 per cent cheaper than nuclear. The reason the market has not invested in more coal fired power is because the market is looking at the same predictions that I have just outlined to you. (Time expired)