Australia is suffering through the worst energy crisis since the mid-1970s and it is just not good enough that this Government still does not have a real energy policy after six years in government.
Since 2015 gas prices have tripled and wholesale power prices across the National Electricity Market have skyrocketed by 158% smashing household budget and jeopardising tens of thousands of manufacturing jobs.
But still after 15 attempts, this Government has been unable to agree upon its own energy policy to resolve this energy crisis.
The lack of policy from the Liberal Government has been cited by the Finkel Review, AEMO, the Energy Security Board, Industry and Infrastructure Australia as driving up costs. In their 2019 Future Infrastructure Needs report, Infrastructure Australia stated:
“Concerns about uncertainty expressed by Infrastructure Australia in the 2015 Audit persist into this Audit. The National Electricity Market, and the institutions which support its operation, have continued in the absence of decisive federal leadership. As a result, uncertainty on energy or emissions policy remain.
Uncertainty prevents timely investment in long-term infrastructure such as electricity generation and gas pipelines, increasing risks and costs to users.”
The Government must come back to the table on real energy policy like the National Energy Guarantee (NEG), which Scott Morrison and Josh Frydenberg both said would bring down power prices by an average of $550 according to the Government’s own modelling.
The NEG has the support of every business organisation, every state and territory government Labor and Liberal alike, and would finally have delivered the price relief Australia desperately needs in energy.
Australia needs real action to bring down energy prices now, not just more talk.