Albo’s huge move against soaring energy bills

Prime Minister Anthony Albanese says he will take action against soaring energy prices in order to provide short-term relief for struggling Australian households.

Labor had promised to cut household power bills by $275 by 2025 to the election, but after it failed to appear in last week’s budget Mr Albanese has now vowed to broker a deal by consulting with the resources sector and gas companies.

It comes as his government doubles down on its bid to not dish out one-off cost-of-living relief handouts for fear it would further impact inflation, favouring a widespread reformist agenda instead.

He admitted business relief would not be the priority of the negotiations, and suggested that Australia’s largest gas companies could face higher taxes.

Speaking at The Australian-Melbourne Institute Outlook conference on Wednesday, Mr Albanese said the government was not ruling anything out.

“The truth is that there are quite extraordinary profits being made, at the same time as you have prices which are putting real pressure on households and businesses, particularly in the manufacturing sector,” he said.

“We’re seeking a cooperative arrangement. If we went out without co-operation, then the answer is easy.”

Nationals leader David Littleproud criticised Mr Albanese for “demonising” gas companies.

“All the government has to do is instead of demonising these gas companies, as they’ve done for the last nine years and blaming them for their own inaction in the policy setting of making sure it’s all export is increase the supply,” he told the Nine Network.

“This reckless path they are taking us on means everyone will pay.”

Mr Albanese said his government had managed to keep the lights on earlier this year, despite the threat of widespread blackouts caused by power plant shutdowns and global shortages.

“We are working through with state and territory governments … with the private sector as well,” he said.

“(We want to) make sure that we have fixed supply, and we need to fix prices in the short term as well.”

Mr Albanese has been vocally critical of the previous government’s lack of investment in renewables, echoing his sentiments again at the conference saying it had a broader impact.

“The consequences of Russia’s illegal invasion of Ukraine are driving up fuel costs and energy bills around the world, and the impact of that here in Australia is magnified by a decade of ideological opposition to renewables and the neglect of key energy infrastructure – leaving us more vulnerable to global shocks,” he said during his address