Anthony Albanese unveils national cabinet plan to cut power prices, recalls Parliament

Anthony Albanese presents a national cabinet plan to reduce power prices by capping coal and gas prices – as he recalls parliament

  • After a national cabinet agreement, coal prices will be limited to $125 per tonneĀ 
  • Anthony Albanese, the press secretary, announced the measure on Friday during a conference.
  • The Prime Minister will call on Parliament to adopt legislation regarding energy pricesĀ 

The national cabinet has agreed to provide power price relief to households and businesses by imposing caps and gas prices, as well as cash support.

After an agreement reached Friday between Prime Minister Anthony Albanese, state and territory leaders, and a virtual national cabinet, gas prices will be limited to $12 per gigajoule for 12 month. Coal prices will temporarily be limited at $125 per tonne.

A mandatory code for conduct will be created for the gas industry. The federal parliament will be recalled next Wednesday to pass the legislation.

Anthony Albanese, the national cabinet member, announced Friday evening that he will provide power price relief to households.

Additional $1.5 billion in energy bill relief will be provided to support household businesses. This will be paid through the state governments.

Treasurers will work together to develop relief packages for each state or territory.

Anthony Albanese, Prime Minister, stated that extraordinary measures will be taken to lower energy costs.

He stated that “We are taking urgent action to protect Australian families from the worst effects of these price increases.”

“We work hand in hand with our territories and states partners to achieve the best outcomes for all Australians.”

The federal budget predicted a 56 percent increase in electricity prices, and a 44 percent rise in gas prices in the next two-years.

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