The Turnbull Government has directed the Australian Competition and Consumer Commission (ACCC) to review retail electricity prices.

The review will scrutinise electricity retailer behaviour as well as contracts offered to residential and business customers and ensure consumers benefit from competition in the National Electricity Market.

Competition in retail electricity markets should mean lower prices for residential and business consumers. However, retail electricity markets don’t appear to be operating as effectively as they could.

PRIME MINISTER:

Today, we’re here with the Treasurer and the Minister for Energy to announce a new initiative to address the problem of rising electricity prices.

Electricity prices for Australian households doubled during the six years of the Labor government. They came down, of course, with the abolition of the carbon tax following the election of the Coalition in 2013 but we are now seeing further upward pressure on electricity prices.

PRESENTER:

Malcolm Turnbull has called us – mate, good morning to you? How are you?

PRIME MINISTER:

Well, I’m good but how are you? How’s it looking in the aftermath?

PRESENTER:

Oh look, as far as looking it looks like a bomb has hit some areas in Mackay and The Whitsundays.

PRESENTER:

Not good, not good at all.

PRIME MINISTER:

The government will deliver a tax cut for around 3.2 million small and medium Australian businesses, employing over 6.5 million workers.

Company tax is a tax on workers, a tax on jobs and a tax on wages.

Small and medium Australian businesses with turnovers of less than $50 million a year will benefit.

This reform will deliver jobs and increase wages. It is an excellent outcome for Australian workers and their families.

I am pleased to welcome His Excellency Dr Mohammad Ashraf Ghani, President of the Islamic Republic of Afghanistan to Australia from 2-5 April.

This visit, the first to Australia by an Afghan President, reflects the strong bond between our two nations.

Afghanistan and Australia share a solid connection which has been forged over more than a century of shared history and contact between our two peoples.

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