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Energy Relief Package Could Be Derailed In Senate

AUSTRALIA

The government’s plan, announced on Friday, to reduce energy cost pressures may be derailed in the senate, according to The Australian. There will be a special sitting in parliament on Thursday to pass the legislation but the Greens and independent Pocock want stronger climate action for their votes in the senate where the government doesn’t have a majority.

  • Senator Pocock is concerned that the plan doesn’t contain anything to address Australia’s reliance on global energy markets and the volatility that comes with that. He also wants the windfall profits of resource-related companies addressed.
  • The energy industry is continuing to fight the planned changes, especially the price caps, and is warning that it will impact investment in the industry.
  • The government has estimated that the price caps will lower inflation by 0.5pp in 2023-24. But economists are saying that the package is stimulatory.
    - The Australian
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