Last week the ACCC released their Gas Inquiry 2017-2030 interim report, and it makes horrifying reading. It is such a monumental stuff-up over a couple of generations, it’s hard to believe the corporations did not deliberately set up to maximise profit at the expense of ordinary Australians, while successive Governments were complicit, either because they dared not confront big gas, were scared of the consequences via sovereign risks of changing the rules or simply were ignorantly led by the nose.
All this has stoked inflation via higher electricity prices to the point where now the Government is using more taxpayer money to hand support payments to households. You can’t make this stuff up! Mind you the ACCC report which is very detailed manages to skate round the core issue.
Of late the government has made minor changes to overhaul regulations, which in theory allows it to intervene and limit exports of LNG. In practice though little has changed, and unlike in WA where is the a reservation for domestic supply, the east coast is stuffed.
As I discussed with Robbie Barwick yesterday this is one of the greatest scandals Governments have created for ordinary Australians, but yet again, no signs of bold action, in the form of gas reservation, just a muddle in which people are being taken to the cleaners, even as the Government offers more “help” on electricity prices, at the expense of taxpayers.
http://www.martinnorth.com/
Details of our one to one service are here: https://digitalfinanceanalytics.com/blog/dfa-one-to-one/
Go to the Walk The World Universe at https://walktheworld.com.au/
