The government wants Australian families and businesses to get a better deal for their energy. We have a sensible and balanced plan to ensure affordable 24/7 reliable power.

So, we introduced legislation to take a ‘big stick’ to the energy companies if they don’t drop their prices. The big energy companies are on notice. We are not afraid to use the big stick.

As the Prime Minister has said: “We want to see the big electricity companies get this right and to start bringing prices down now”. 

There are four key parts: A price safety net to stop big power companies ripping off loyal customers who don’t have time to shop around for a better deal - that means savings of up to $832 per year for families and $3457 for small businesses. Stopping price gouging by the big energy companies, including banning sneaky late payment penalties and making energy retailers pass on savings in wholesale prices to customers. Backing investment in new power generators to improve competition by underwriting new electricity generation will attract investment in the electricity market, increasing supply and reducing wholesale electricity prices. Supporting reliable power by requiring energy companies to sign contracts guaranteeing enough energy to meet demand.

Customers will also get the right to ask their energy retailer to adjust a bill based on the customer’s own reading of their meter. 

Our plans are already working with more than 500,000 Australians getting a better deal with Origin, Energy Australia and AGL and other companies lowering prices by up to 15 per cent from 1 January.

We also want the loyalty tax to go, the dodgy practices to stop and customers to be put first – and we make no apologies for that. 

Charlotte and I would also like to wish everyone a happy and holy Christmas and all the very best for a safe, healthy and successful new year.