The Prime Minister met with State and Territory leaders to discuss the proposed Energy Price Relief Plan on Friday.
Queensland and New South Wales, the two main coal states are now on board with the government's proposed plan. Coal Prices will be capped at $125 per tonne and gas prices at $12 a gigajoule for 12 months. The Commonwealth will also establish the Energy Bill Relief Fund with up to $1.5 billion to support homeowners and small businesses.
“Extraordinary times call for extraordinary measures. We are taking urgent action to shield Australian families and businesses from the worst of these energy price spikes." Prime Minister Albanese said.
These funds will be paid through state governments, taking money off people's bills directly, helping to keep down inflation. However they won't come into effect until April 2023. Federal parliament will be recalled next week, to allow this legislation through, something the Greens, and multiple cross benchers do support, however not as much praise is coming from the Liberal party.
"Nowhere in the world has there been of success in capping prices" Peter Dutton addressed.
The Federal government is now certainly hoping for these measures to work after promising to cut power bills by $275 but they’re now forecast to rise by 56% over the next 2 years.
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