Its been a bad week for Josh Frydenberg as his signature energy big stick policy went down in flames complementing the sinking of the National Energy Guarantee by his own party room last year.
The Coalition is little more than a rabble when it comes to what it stands for on economic policy. Apparently it stands for Venezuelan style company break-ups.
Divestment powers will add to already significant energy market uncertainty, drive down investment, and ultimately increase power prices for consumers these were powers the competition regulator first read about in the newspaper.
Divestment powers will add to energy market uncertainty, drive down uncertainty, and ultimately increase power prices for consumers these were powers the competition regulator first read about in the newspaper.
The ridiculous big stick policy doesnt have a friend: panned by generators, consumers, experts and regulators alike. The fact that such a policy is championed by the person who is meant to be responsible for good economic policy says it all about the Morrison Government.
Josh Frydenbergs legacy on energy policy as Energy Minister and Treasurer is to leave Australia without an energy policy and its confusing the hell out of his Coalition colleagues.
This morning senior Cabinet Ministers couldnt agree on whether or not the big stick legislation would be voted on before the election.
KIERAN GILBERT: So you want it [divestment powers legislation] done before the election?
BRIDGET MCKENZIE: Well my understanding it is our intention as a government to introduce that legislation in the April sittings. It's part of our policy. It's part of ensuring that Australian consumers can have confidence that big multinational energy companies will be held to account for not backing. -
GILBERT: So at the time of the budget the budget, at the budget week it'll - okay.
MCKENZIE: That's my intention.
Then half an hour later:
KIERAN GILBERT: Bridget McKenzie seems to think it will be introduced in the budget week is that right?
MATHIAS CORMANN: Well, in the end, we will take this legislation to the next election. The introduction of the Bill is one thing but we believe the biggest stick that we can get in order to drive electricity prices down is a mandate from the Australian people at the next election.
GILBERT: So she says it will be introduced in the budget week. You are a finance Minister, is she right or wrong?
CORMANN: The introduction of the Bill is one thing what I am saying to you is this is a Bill that ultimately will be subject to judgment of the Australian people.
Its plain for all Australians to see that they remain as clueless, as hopeless and as divided as ever on energy policy.
The fact is under the Liberals power prices have gone up, and up, and up and Australian businesses and households are paying the price.
COALITION UNSURE WHETHER BIG STICK WILL GET UP BEFORE THE ELECTION
15 February 2019