Aussie energy prices on par with sunless, gasless, UK

Sunday 4 August 2024

Albo energy disaster rolls on today with gas still sitting comfortably above his $12Gj price floor:

While wholesale electricity prices march higher in the highest ever winter prices outside of wartime:

Albo has doubled the average wholesale price of electricity in 2.5 years. These prices are higher than Europe, and on a par with the UK, only it has no sun or cheap gas!

Prior to his election, Albo promised to reduce bills by $275. Instead, he has added $400 to the average bill. And it would be 50% worse still were it not for bill subsidies that you are paying via higher taxes anyway.

Your compulsive liar PM is still spinning it today:

Getting more renewables up and running will bring power prices down. That’s just a fact.

While we’re getting on with it, Peter Dutton wants Australians to pay the price for his expensive nuclear plan.

The answer is very simple: apply East Coast gas reservation or an export levy to LNG that kicks in at $6Gj.

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.