Australia delays energy price talks after PM contracts COVID




  • In Business
  • 2022-12-05 23:46:51Z
  • By Reuters
 

By Renju Jose

SYDNEY (Reuters) - The Australian government on Tuesday delayed a key meeting of federal and state leaders called to discuss measures to contain soaring power prices after Prime Minister Anthony Albanese tested positive for COVID-19.

The national cabinet was expected to meet on Wednesday, with Albanese looking to forge consensus between the states and Canberra on reducing energy prices, which have risen sharply due to Russia's war in Ukraine.

Albanese said the meeting will now happen virtually on Friday.

"What we're looking at is trying to act before Christmas, which is what we said we would do ... there's no actual delay in anything," Albanese told ABC Radio.

Albanese has said his government is considering price caps on gas and coal, but some states have pushed back as it could hit the revenue they make from royalty payments from coal producers. Queensland and New South Wales states have said they would seek compensation from the federal government for any revenue loss.

A poll done for the Sydney Morning Herald newspaper out on Tuesday showed about 79% of voters back any move to impose price caps on energy companies.

Albanese said he would work from home though Australia ended its mandatory home quarantine rule in October.

It is the second time Albanese has contracted the novel coronavirus. He was forced to quarantine at home for one week in April in the middle of a federal election campaign which his Labor party won.

Australian families are battling higher living expenses and to tame soaring inflation the Reserve Bank of Australia is likely to raise rates on Tuesday by 25 basis points to 3.10% - its third such hike in a row after a succession of half-point moves.

The opposition Liberal Party urged Albanese to reconsider the decision to postpone the meeting.

(Reporting by Renju Jose; Editing by Stephen Coates)

COMMENTS

More Related News

US inflation and consumer spending cooled in December
US inflation and consumer spending cooled in December
  • World
  • 2023-01-27 13:36:52Z

The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell - the latest evidence that the Fed's series of interest...

ECB Seen Delivering Two Half-Point Rate Hikes on Way to May Peak
ECB Seen Delivering Two Half-Point Rate Hikes on Way to May Peak

(Bloomberg) -- Back-to-back interest-rate increases of 50 basis points are approaching from the European Central Bank, whose battle with persistent inflation...

Asia Stocks to Rally as Tech Pulls S&P 500 Higher: Markets Wrap
Asia Stocks to Rally as Tech Pulls S&P 500 Higher: Markets Wrap

(Bloomberg) -- Stocks in Asia are set to follow US equities higher Friday after a rally in tech shares helped investors shake off mixed economic data that...

EXPLAINER: What is an Australian Black Voice to Parliament?
EXPLAINER: What is an Australian Black Voice to Parliament?
  • World
  • 2023-01-26 05:12:05Z

Australians expect to vote this year in a referendum that would enshrine in the nation's constitution a mechanism for Indigenous people to advise Parliament ...

Chevron to Buy Back $75 Billion in Stock After Record Profit
Chevron to Buy Back $75 Billion in Stock After Record Profit

(Bloomberg) -- Chevron Corp. plans to buy back $75 billion of shares and increase dividend payouts after a year of record profits that evoked angry...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business