NSW treasurer says he is confident in ‘reliability’ of energy system
NSW treasurer Matt Kean says he has confidence in the “reliability of the system,” indicating he is not expecting any blackouts in the coming days.
Speaking to Patricia Karvelas on RN Breakfast, Kean said the government was monitoring the situation, but asked people to be conscious of their power usage.
We’re obviously monitoring the situation very closely. But this situation has arisen because the wholesale prices of electricity have gone above a point which triggers the market cap. That cap is in place to protect consumers.
And because the price of electricity that the generators can get for supplying electricity into the market is too low to cover their costs, they’re not bidding into the system. So this is a market failure issue.
We’re not telling people to turn off the heaters, we’re not telling people to turn down their air conditioners or anything like that. But people should just be conscious that where they can reduce their use of electricity, that’s a good thing for them. It’s going to lower their power bills, and it’s also going to take a bit of pressure off the system.
Matt Kean on NSW’s $5bn childcare package
Kean has gone on to spruik the state government’s new $5bn childcare policy, which he says will grow the state’s economy by $17.4bn.
What it will do is see up to 95,000 women be able to enter the workforce or take on more hours. I mean, childcare costs are attacks on the dreams of women and families right across New South Wales, indeed right across the country.
We believe that families should have access to quality affordable childcare no matter where they live … And these reforms will deliver a middle-income family in New South Wales who have one child full-time care savings of up to $3,900 per annum.
When asked if the state was stepping in to fill a role usually reserved for the federal government, Kean avoided the question:
This is one of the biggest productivity reforms that we can have that will grow our economy. And obviously lift living standards in this state.
Our policy is focused on providing additional childcare – accessible and affordable childcare across New South Wales – will grow the overall size of the economy by $17.4 billion.
NSW treasurer says he is confident in ‘reliability’ of energy system
NSW treasurer Matt Kean says he has confidence in the “reliability of the system,” indicating he is not expecting any blackouts in the coming days.
Speaking to Patricia Karvelas on RN Breakfast, Kean said the government was monitoring the situation, but asked people to be conscious of their power usage.
We’re obviously monitoring the situation very closely. But this situation has arisen because the wholesale prices of electricity have gone above a point which triggers the market cap. That cap is in place to protect consumers.
And because the price of electricity that the generators can get for supplying electricity into the market is too low to cover their costs, they’re not bidding into the system. So this is a market failure issue.
We’re not telling people to turn off the heaters, we’re not telling people to turn down their air conditioners or anything like that. But people should just be conscious that where they can reduce their use of electricity, that’s a good thing for them. It’s going to lower their power bills, and it’s also going to take a bit of pressure off the system.
Socceroos qualify for the World Cup
Before we jump into the inevitable flow of politicians making the media rounds this morning, I wanted to point to Emma Kemp’s ongoing live blog of Australia’s World Cup qualifier.
Earlier this morning, Australia beat Peru on penalties to make their fifth consecutive World Cup:
You can also read the match report, linked here.
Good morning
Good morning, and happy World Cup qualification day! Mostafa Rachwani with you this morning, to take you through the day’s news.
We begin in New South Wales, where energy authorities are on high alert for possible power shortfalls hitting homes and businesses tonight. It comes after Queensland only narrowly avoided blackouts last night, after the Australian Energy Market Operator worked to head off a gap projected at one stage to be 1,454 megawatts.
In federal politics, deputy prime minister Richard Marles will be in Tokyo today, maintaining the jet-setting ways of this new government. Marles will be calling for stronger military ties between Japan and Australia, emphasising the need to strengthen the relationship between the two countries.
Back in NSW, the state government there has unveiled its signature budget policy, which will allow private childcare operators to expand or build new centres, in the hopes of creating an extra 47,000 places across the state.
Finally, prime minister Anthony Albanese is considering whether to attend a NATO summit in Madrid at the end of the month, and to support the alliance toughening its stance against Russia.
There is still much going on, so let’s dive in.
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