Price controls in Australia.

Yesterday the Senate sat to "debate" (I use that term very very loosely) a Labor Party bill designed to cap the price of energy. This is my contribution to the speeches.

Unfortunately we were only given one day to look at the bill before it was rammed through by the Labor/Greens coalition. I read the bill the night before Parliament sat and in the morning on the plane to Canberra.
I cannot believe that here in Australia, a democracy, that this is how the Government has acted. Giving us one day to read a bill which is the single biggest change to this sector in a very long time.

This bill has the very real possibility to do long term damage to the energy sector. The fact that we were not given the opportunity to properly analyse the bill is an affront to the Senate and to the Australian people.

The Labor/Greens coalition have spat in the face of due process.

Passing a bill, ANY BILL, without giving the Senate time to ask you, the constituents, what your thoughts are, to consult with industry, to properly investigate the bill, is truly frightening.

Elections have consequences and I fear the we will suffer from the consequences of this bill in the long term. We have now opened the door to Government mandated price controls in the private business sector, something that you might see in the socialist Republic of Venezuela or the former Soviet Union.

This bill has been framed as providing relief for high energy prices but it will do almost nothing to reduce energy prices. It does however give the Government more power and control.

Any student of economics will tell you that the best way to reduce prices is to increase supply.

The Government gave the Senate from 1pm to 4.30pm to debate the bill. This should upset you.