Currently, the financial impact of the coalition’s proposal to lower the electricity prices for individual households is unknown.
Opposition leader Peter Dutton said modelling plans to set up reserves that require exporters to secure gas for the domestic market will be released in the coming days.
He said that if more supply was introduced into the market, prices would fall, but he did not specify how much Australians could save.
Dutton said the government is currently suffocating its supply of natural gas to the economy.
“People have been talking about booking East Coast gas for years and we have this policy on the table, and that’s about what we’re doing now,” he said.
Dutton also said that by promoting gas projects, there is more certainty to the sector.
“Natural gas is an important component in our country’s electricity production, and if we don’t lower the price of gas, it will continue to rise,” he said.
Economic impact and modeling
Liberal Sen. James Patterson said the coalition is not planning to put dollar numbers on how much individual bills will decrease to avoid misleading Australians.
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Before the 2022 election, Labour said it would offer a power price cut of $275 (US$173). However, the conflict in the Russian-Ukraine and global inflationary pressures have skyrocketed energy prices.
Patterson told ABC’s insider program that Gigajoule currently costs around $14 (US$9), but the coalition told the price per Gigajoule would fall to about $10 (US$6).
Dutton said modelling of the proposal will be announced in the coming days.
Workers’ response
During his campaign in Canberra, Prime Minister Anthony Albanese criticized Deuton’s lack of explanation for how his policies work.
Albanese said the labor government was working to lower electricity prices during its three-year tenure.
“The spot price is $13. When we were selected for $30, we took action and increased our supply.
Labour has pledged a $75 energy bill refund for each quarter until the end of the year.
The prime minister also distanced workers from the 2022 election promises, claiming that the electricity bill would be reduced by $275.
“It’s modeling for Reputex,” he said as he was pushed against him if he was still standing on it.
Budget reply
Dutton made its first announcement on March 27 in a budget response, revealing that exporters will be required to divert 50 to 100 gas supplies for the domestic market.
This will add to the local supply of 10-20%.
