As the cost of fossil fuels surges,power prices are forecast to rise 30 per cent by the middle of next year and the government says “all options are on the table” including price caps on the cost of gas and coal,cash handouts to bill payers and or new taxes on resources companies.
Prime Minister Anthony Albanese and Treasurer Jim Chalmers have said their preference is to impose new regulations to control the price of gas and potentially coal sales. Both fossil fuels are burned to generate electricity.
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A spokesperson said the Albanese government “made a clear commitment” during the May federal election to boost people’s salaries and more recently pledged to bring down soaring power prices.
“To get wages moving we need to modernise our workplace laws,” the spokesperson said.
Galilee said a mining tax “would follow other policy decisions impacting the sector” including industrial relations and climate policies including a scheme to cap industrial emissions known as the Safeguard Mechanism,a pledge to reduce methane emissions,and the decision to consider the climate change impacts of 18 resources projects.
The government is also aiming to pass its Secure Jobs,Better Pay bill through parliament before the end of the year. Businesses are warning that reforms to jointly force multiple employers to the bargaining table expose them to industrial action.