Power play snubbed

Turnbull dismisses need for national inquiry into energy costs

PRIME Minister Malcolm Turnbull has batted away calls for a national inquiry into high power prices and profiteering.

Instead, Mr Turnbull said an “illuminating” Australian Competition and Consumer Commission report on the electricity sector would be released this week.

“We’ve turned the corner on electricity prices,” Mr Turnbull said at Avebury Mine, in northwest Tasmania yesterday. “You’ve seen price reductions across the east coast as a result of the policies of my government.”

Mr Turnbull pointed to measures to push down gas prices by moving to restrict exports and its own National Energy Guarantee as proof of action.

Coalition and Green MPs are pressuring the Federal Government to act on power prices to counter skyrocketing energy bills.

Greens energy spokesman Adam Bandt said re-regulating electricity prices and generating more power from renewable energy would help tackle the issue. The Greens will seek to introduce a Bill setting up a commission of inquiry into power prices when Parliament returns.

“It’s time to get to the bottom of why power prices are going up, which is (because) we’re taking an essential service and treating it like a stock market,” Mr Bandt said yesterday.

Coalition MPs, including former deputy prime minister Barnaby Joyce, have urged Mr Turnbull to threaten power companies with a royal commission unless they cut prices.

But crossbench senators Pauline Hanson and Derryn Hinch don’t believe the issue warrants a royal commission.

One Nation leader Senator Hanson would prefer to see an inquiry into family law courts, while Senator Hinch believes the consumer watchdog is bestplaced to deal with power prices.

Mr Bandt said the Greens would negotiate with Labor and Coalition backbenchers to vote for a commission of inquiry in Parliament.