How Australia destroyed its own energy market

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From Renegade Economist comes the fantastic Bruce Robertson (IEEFA) on how Australia destroyed its own energy markets:

We discuss policies to reduce gas prices as per international best practice. In light of further consolidation in the industry, we discuss how gas sets the baseline price for energy production in the nation. How much could energy prices fall if we got the gas price back to its’ long term price range?

Great/horrible listening for every Australian.

There is only one answer: regulation. We need domestic gas reservation and pipeline price fixing. Now endorsed by the ACCC:

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Labor must do this as its first act in power or it risks the fate of four toppled PMs.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.