The political contest over power prices has sharpened with the federal opposition promising it will lower bills if elected by getting more gas into the system. The government is rolling out another round of rebates in tomorrow’s federal budget as part of a multi-budget as part of a million-dollar cost of living package that Labor hopes will boost its chances of re-election.
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00:00Signed, sealed and delivering.
00:08Funding certainty for schools.
00:10I can now confirm the election will be in May.
00:13The Prime Minister's tying up some loose ends of the 47th Parliament.
00:18As his finance team prepares to hand down a pre-election budget deep in the red, unable
00:24to say when it'll be back in surplus.
00:27Well that remains to be seen, there's no doubt the budget's under pressure, it's under pressure
00:31from those key areas of health, NDIS, aged care, defence and managing the debt that we
00:37inherited from the Liberals.
00:39The Liberal's answer is to limit spending growth.
00:42A Dutton-led coalition government will restore those fiscal guardrails to try and get us
00:47back to a structural surplus or a structural balanced budget over the medium term.
00:53In the short term, it's promising its own power bill relief by getting more gas out
00:58of the ground.
00:59We will immediately, on coming to government, fast track approvals for gas because it's
01:03the only way to bring prices down sustainably.
01:05Can the coalition guarantee that energy prices will go down under your government in the
01:11next term?
01:12If you increase supply, yes, and that's what we intend to do.
01:14Australia has huge gas reserves in both offshore and onshore basins.
01:20About 70% of the gas extracted is exported, locked in long term contracts with energy
01:26hungry countries including Japan, China and Korea.
01:30But supplies for the domestic market are dwindling.
01:33Some states have banned exploration and it's keeping prices high for consumers.
01:39We have to ensure that Australian gas is actually benefiting Australians before we export it.
01:44Crossbenchers are calling for a West Australian style domestic gas reservation policy.
01:49Jackie Lambie demanding the Prime Minister prioritise the push over plans for new laws
01:55to shore up Tasmania's salmon sector.
01:58Talking about salmon instead of talking about reducing our energy bills in this country.
02:04That's what we're talking about.
02:05A stinking little fish tomorrow.
02:07After resisting the idea for years, gas reservations are now back on the political agenda with
02:12both sides eager to get more gas into the energy system.
02:17In the meantime, tomorrow's budget will extend power bill rebates for another six months
02:22to take the sting out of ever increasing prices.