Why power prices are set to fall | 7.30

Hinzugefügt: 2026-05-26

[00:00:01]Out with the old, the demolition of half ccentury old coal chimney stacks at the retired Liddell Power Station in the Hunter Valley to make way for the new, a nationwide fleet of home batteries. It's no coincidence that 50% renewables and 414,396 home batteries installed under the cheaper home batteries policy which are reducing prices for them but for everyone by reducing reliance on expensive coal and gas in the evening.

[00:00:34]>> The shifting energy mix providing some long overdue household bill relief with benchmark power prices to fall up to 10%. And for the government, a dose of vindication for backing renewables.

[00:00:48]>> If we're saving more of the renewable energy from the day and using it more to flatten out that nighttime peak and reduce prices, that is the system working.

[00:00:58]>> Thank you.

[00:00:58]>> Prices are still higher than when Labour came into office four years ago, promising they would fall. But the energy minister says the continued expansion of wind, solar, and batteries will push prices down further. We've seen power prices in this country go up by $1,300.

[00:01:16]And now he's boasting is because there's been some sort of small reduction.

[00:01:22]>> Energy costs were not the only flash point today between Chris Bowen and Dan Tian, who's been critical of government plans to spend almost $150 million on the climate change minister's side role as president of negotiations at this year's UN climate conference in Turkey.

[00:01:41]500,000 so we can send bureaucrats around to look at venues. I think people are rightly angry about that.

[00:01:46]>> Whenever Australia steps up internationally and shares a big international meeting, it does come uh with some expense. So for example, when Australia chaired the G20 uh in 2014 under Tony Abbott, it cost $400 million.

[00:02:00]When Australia chaired APEC under John Howard, it cost $330 million. Uh we're doing a substantial less cost than that mainly because we're not hosting here in Australia.

[00:02:11]>> That row over government spending all part of a broader opposition attack on the budget and whether small business will win a reprieve from controversial capital gains tax changes. Will the Albani government carve out the hairdressers, builders, gyms, pharmacies, vets, dentists, landscapers, or child care operators from your broken promises and higher taxes?

[00:02:36]>> In the budget, we announced $3.5 billion of support for small business and they don't want to hear about it.

[00:02:43]>> Which small businesses will be carved out from Labour's broken promises and higher taxes.

[00:02:49]>> We do support small business. We do support as well the opportunity of young people getting a roof over their head.

[00:02:58]Something that those opposite do not support. Prime Minister, what happened to my word is my bond.

[00:03:05]>> The question time fireworks is another sign the government has not fully weathered the storm of its budget now two weeks old. The prime minister insists there is support from some economists and business groups for tax changes aimed at helping firsttime buyers, but the real political pain remains around the government's decision to extend the capital gains tax overhaul to shares and business assets.

[00:03:29]>> You know, I thought I'd get I was thinking >> I thought no questions on the budget. A blast from the past, Joe Hockey was today holding court at the National Press Club and all things Donald Trump, US politics and Orcus. But he also appeared pleased that his notorious 2014 budget is no longer regarded by some media and political critics as the second most unpopular addition in recent decades.

[00:03:56]>> I'm quite happy to go from a silver medal to a bronze medal of popularity.

[00:04:00]The former treasurer said he supports Jim Chararma's move to end negative gearing on existing property, but believes the CGT reforms are a mistake.

[00:04:10]I think we are sleepwalking into the future, not just Australia, but a number of countries.

[00:04:15]>> That undermines Australia's ability to innovate in the face of AI and robotics that he says will send unemployment to 15% within a few years. You can't keep increasing taxes because at the end of the day you are crushing innovation and the only way to survive rapid change in the world is domestic innovation. That is our that is the only way. You've got to give people hope and you can't give them hope if you're taking away more from what they achieve.