Biz hurt by price of electricity

POWER prices for Queensland small businesses have doubled over the past decade, the Federal Government says.

Prime Minister Malcolm Turnbull will today meet small business groups in Canberra to discuss possible solutions to the problem.

Despite Queensland having about 4.4 per cent of its power supply coming from renewables, it has the highest average wholesale electricity prices in the country.

Mr Turnbull is expected to ramp up the pressure on Labor this week after Opposition leader Bill Shorten recommitted to a 50 per cent renewable energy target last week. The Government says Labor’s renewable energy policy will continue to bump up power prices.

Government calculations reveal the estimated electricity bill for a cafe in Paddington in Sydney have risen from $3811 in 2007 to $7440 this year, while the bill for a mid-sized restaurant in the Fortitude Valley in Brisbane has risen from $9104 to $18,406.

Mr Turnbull last week said he would not move to change the renewable energy policy implemented by the Abbott Government 18 months ago, despite the rising prices.