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The Guardian - AU
The Guardian - AU
National
Katharine Murphy Political editor

Federal Labor prepared to compensate states in effort to drive down energy bills

Jim Chalmers Anthony Albanese Coal Canberra
Anthony Albanese and Jim Chalmers (pictured) have been signalling since October that Canberra will intervene significantly in the energy market.
Anthony Albanese and Jim Chalmers (pictured) have been signalling since October that Canberra will intervene significantly in the energy market. Photograph: Dan Himbrechts/AAP

The federal treasurer, Jim Chalmers, has confirmed the government is prepared to compensate the states for costs incurred as part of a looming regulatory intervention intended to reduce power prices during the first six months of 2023.

Any compensation would be conditional on the states imposing a temporary cap on coal prices, and Chalmers warned the financial support on offer will not be a “blank cheque”. The treasurer told the ABC on Tuesday “there’s not a bottomless pit of commonwealth cash to direct to the task”.

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