- Labor is pushing for a price cap on coal.
- NSW Premier Dominic Perrottet wants the Commonwealth to foot the bill.
- Chris Bowen says Australia will hit its 2030 reduction target, despite projection.
Labor wants the states to impose their own temporary caps on the price of wholesale coal to bring down soaring prices, which it warns could rise by more than 56 per cent by the end of next year.
It comes as Energy Minister Chris Bowen declared Labor will meet its 43 per cent emissions reduction target, despite new projections tipping Australia to fall short.
NSW Premier Dominic Perrottet wants the Commonwealth to foot the bill. Source: AAP / Lukas Coch
What is Labor planning to help with cost of living pressures?
After a poll conducted by the ACTU found nearly a quarter of Australians had skipped meals during a deepening cost of living crisis, Mr Perrottet declared his support for any federal intervention which would ease the pressure.
“Ultimately [it’s] a matter for them to come out with those solutions in relation to a cap. If one is introduced in NSW, the taxpayers of NSW would need to be compensated.”
“[It] will have little impact on electricity prices … It is a bad policy proposal that should be rejected,” it said.
Ms Palaszczuk earlier warned the Commonwealth there was “no way” Queensland would sacrifice the economic benefits of its coal sector.
Chris Bowen insists Australia will hit its 43 per cent emissions reduction target. Source: AAP / Steven Saphore
Delivering his first annual statement on climate change, Mr Bowen announced it is currently projected to cut emissions by 40 per cent by the end of the decade but claimed a suite of measures imposed by the new government would see that rise quickly.
Mr Bowen’s speech was delivered to largely empty Opposition benches, with just four Coalition MPs present.