Victorians could pay almost $100 a year more for electricity
Benita Kolovos
Victorians could pay almost $100 a year more for electricity under a state Coalition policy to halt two key transmission projects, according to new analysis that suggests it would result in a near 40% increase in wholesale prices by 2031.
Analysis by consultancy Nexa Advisory, commissioned by non-profit group Environment Victoria, has found postponing the Western Renewables Link and the VNI West would delay other renewable energy projects. Such a move could force the state to rely on using more gas.
As a result, the average wholesale electricity price could rise from $52.9 to $85.20 per megawatt hour – an increase of 37% – between 2027 and 2031. This would flow through to households, adding $472 to the power bills of a typical household – and up to $4,719 for a small business and $11,797 for a large business – over the five-year period.
By 2050, delaying the projects could add $3bn to wholesale electricity costs and produce an additional 8.6m tonnes of carbon dioxide emissions – akin to about a quarter of the state’s current annual electricity emissions.
Key events
Digital duty of care bill risks ‘malicious compliance’, say Greens
Greens senator Sarah Hanson-Young says the government’s digital duty of care legislation is too vague on whether it allows users to opt-in or opt-out of algorithms, and says that risks manipulation or malicious compliance by the platforms.
Speaking to RN Breakfast this morning, Hanson-Young says the fines of up to $100m also won’t be enough to deter big tech.
It’s neither opt-in nor opt-out. And what I’m concerned about is how the tech platforms will manipulate that. Unless the rules are tight, unless there’s no gaps, big tech is going to spend a lot of money fighting these laws in the first place and finding every which way to get around them. Malicious compliance at best.
I think the fines element is one of those areas that I think is just not good enough … you need to hit them really where it hurts, and that’s their revenue. So it should be a percentage of global revenue.
Asked about the Coalition’s claims that the laws amount to censorship of free speech, Hanson-Young says Angus Taylor is “wrong”.
I don’t know whether this is deliberate misinformation by the opposition leader or he just doesn’t know what he’s talking about. He hasn’t really spent much time engaging on these issues. Either way, it’s wrong.
Krishani Dhanji
Good morning, Krishani Dhanji here with you as we tick over the halfway mark of the sitting week!
There’s plenty to get to this morning so let’s get stuck in.
Victorians could pay almost $100 a year more for electricity
Benita Kolovos
Victorians could pay almost $100 a year more for electricity under a state Coalition policy to halt two key transmission projects, according to new analysis that suggests it would result in a near 40% increase in wholesale prices by 2031.
Analysis by consultancy Nexa Advisory, commissioned by non-profit group Environment Victoria, has found postponing the Western Renewables Link and the VNI West would delay other renewable energy projects. Such a move could force the state to rely on using more gas.
As a result, the average wholesale electricity price could rise from $52.9 to $85.20 per megawatt hour – an increase of 37% – between 2027 and 2031. This would flow through to households, adding $472 to the power bills of a typical household – and up to $4,719 for a small business and $11,797 for a large business – over the five-year period.
By 2050, delaying the projects could add $3bn to wholesale electricity costs and produce an additional 8.6m tonnes of carbon dioxide emissions – akin to about a quarter of the state’s current annual electricity emissions.
Chalmers: One Nation would ‘diminish or destroy’ super
Patrick Commins
Jim Chalmers says the Coalition and One Nation would “diminish or destroy” a compulsory super regime that this month’s intergenerational report will confirm is key to long term budget sustainability in a rapidly ageing society.
In remarks to the Super Members Council later this morning, the treasurer will condemn as “crazy” the right wing parties’ plans to give workers early access to their super savings, which he said would leave Australians poorer in retirement and weigh on the nations’ finances.
New Treasury projections show the number of retirement-age Australians will nearly double to around 9 million by 2066.
But the intergenerational report, to be released on 21 September, will show the share of older people on the aged pension is expected to fall from 66% to 52% in 40 years’ time.
As a result, spending on age and service pensions is projected to fall from 2.3% of GDP last year, to 1.8% in 2066, the IGR will show.
This is much lower than other nations, which are struggling to meet their pension obligations: aged pension costs in the UK will account for nearly 10% of GDP by 2060, 8% in Canada, 7% in New Zealand, and 6% in the US.
“Super takes serious pressure off social security outlays, and makes the budget much more sustainable as a consequence,” Chalmers will say.
We cannot let One Nation, the Liberals and Nationals diminish or destroy one of the best things Australians and Australia have going for us now and in the decades to come.
They would put at risk the fiscal sustainability, higher living standards and stronger economy that the IGR shows will be supported by a strong and maturing super system.
Morning
Welcome to Guardian Australia’s live news coverage for Wednesday.
Our terrific liveblogger Krishani Dhanji will be with you shortly.
Let’s begin.
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