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ABC News
ABC News
Business
political reporter Henry Belot

Federal Treasury secretary Stephen Kennedy recommends government intervene in energy market to drop power prices

Stephen Kennedy Coal Madeleine King Gas Prices Australia

The federal government's chief economic advisor has endorsed market intervention to cap or reduce coal and gas prices, warning unusually high company profits are coming at the expense of poorer Australians.

Treasury secretary Stephen Kennedy has told parliament that the war in Ukraine has prompted a "redistribution of income and wealth" that is not in the national interest.

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