RBA lifts interest rates; Anthony Albanese COVID diagnosis revealed; Penny Wong, Richard Marles in US; energy price

Treasurer Jim Chalmers said the government is committed to having a plan to reduce power prices ahead of Christmas, despite the Prime Minister’s current case of COVID-19.

“We’ve made it clear that we intend to intervene in that market in a temporary, responsible and meaningful way,” Chalmers said.

“We need to take the sting out of these energy price rises on behalf of industries and Australians right around the country. That remains our objective. We intend to make our position clear and our plans clear in this area by Christmas, obviously with the Prime Minister laid up as he is with COVID. He’s still working very hard to get to this outcome.”

National Cabinet was meant to meet tomorrow to discuss potential price caps on gas and coal prices.

Queensland and NSW have warned that cap on coal would hit state coffers, and asked for Commonwealth funding to replace the lost tax revenue.

The meeting has been moved to Friday afternoon.

Chalmers said the government was “prepared to negotiate” with the states to work out a unified position to tackle energy prices.

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“We’ve made it clear that all options are on the table. We would prefer where possible, a regulatory response here. But we’ve said that we are prepared to consider other options as well, including if there’s a case for some responsible contribution from the Commonwealth then obviously that will be part of a conversation,” he said.

“Obviously when it comes to coal, there’s a greater role for the states in when it comes to the regulatory and other levers. And so we’re engaging with them in good faith.”