Price cap levels announcement by Prime Minister Albanese:
- Gas at A$12 per gigajoule
- Coal at A$125 per tonne
- will apply for 12 months
- Part of an AUD 1.5bn support scheme for business and households.
Albanese says the Australian Federal parliament will be recalled next week. Pre-Christmas call back – MPs will spew!
Start date is Q2 2023.
Caps aimed at holding back power prices. Gas and coal producers have seen mega windfall profits so the political will for price caps was there. The measures have been under negotiation for months.