PM switches on power bid Turnbull promises to bring cheaper bills
MALCOLM Turnbull will today move to save his job by vowing to set caps on energy prices to drive down bills – at the same time as preparing to dump his signature big-business tax cuts.
In a move designed to stave off a backbench revolt, the Prime Minister and Treasurer Scott Morrison will put the package to a special Cabinet dinner at The Lodge tonight with MPs able to promise voters cheaper bills by January.
However, the final sign-off on the measures are not expected until a formal Cabinet meeting this week, which will finalise the details of penalties to be imposed on companies that refuse to lower prices.
The Australian Competition and Consumer Commission has recommended a standard fair default energy price, which would enable customers to compare bills.
In a Facebook video to be posted today, Mr Turnbull will pitch the NEG and his pricecap sweetener to voters and restive MPs who have been urging Home Affairs Minister Peter Dutton to challenge.
“We will set a price expectation which should be the most anyone pays,” Mr Turnbull says in the video.
“Through more competition and all our other changes, that price will come down – and we will demand and ensure these price savings are passed on to families and businesses. If the prices remain too high, we will implement the toughest penalties until you are getting value for money.
“We will not hesitate to use a big stick, as we did with gas, to make sure the big companies do the right thing by you – their customers.”
Tonight’s dinner is also expected to discuss Mr Turnbull’s ill-fated plan to reduce the tax rate for all businesses from 30 to 25 per cent, which is expected to be dumped after its impending rejection by the Senate, due this week.
Some senior Cabinet ministers are backing a compromise proposal by crossbench senator Derryn Hinch to limit company tax cuts to business with a turnover of up to $500 million.
Several marginal seat holders told the Sunday Territorian the Government has no chance of winning the next election if they are forced to campaign for company tax cuts.