Energy Prices and the Cost of Living

I would like to speak tonight about some recent data that, once again, demonstrate just how much our economy and political system are rigged in favour of the wealthy and the well-off. This latest data from the Australian Bureau of Statistics show how much the discredited, so-called trickle-down system of economics—that puts markets before people and that has been promoted by both parties of the Establishment—has failed the majority of the community.

Figures just released by the Australian Bureau of Statistics—not the fabulous ones today on the marriage equality survey that Senator Dodson just spoke about, but figures in regards to wage growth—show that wage growth continues to flatline whilst recent figures from the same source show that corporate profits have continued to soar. Wages continued to sit at a measly two per cent growth over the past 12 months—almost exactly the same level as inflation. Therefore, there has been, basically, no increase at all. At the same time, if you compare that to the enormous growth in corporate gross operating profits over the last financial year—30 June to 30 June—it grew at the astonishing rate of 21.2 per cent, seasonally adjusted. To repeat that: wages grew by, basically, zero, adjusted for inflation, whilst corporate profits grew by over 20 per cent in a year.

This data unequivocally demonstrates that the system is becoming more and more rigged to the few and against the many. Why should it be that these few reap so many profits and such great increases in their own wealth whilst the workers, who are the ones responsible for producing the wealth, get none of that growing share? It's no wonder, in these economic circumstances, that cost-of-living factors are, therefore, so critical in the current election campaign in Queensland. Probably the issue that's been most consistently raised over the last two to three months in the lead-up to the state election has been that of energy prices and electricity prices—and, of course, we had a debate in this chamber on that topic just yesterday.

In that context, I'd like to provide some updated information—which I'm sure the Senate has been eagerly awaiting the opportunity to hear from me—with regard to energy prices and assessment of the policies that have been put forward by all of the political parties to date in the state election campaign. This assessment comes from Hugh Grant—not the Hugh Grant that people might immediately think of from the UK, but Hugh Grant, who is nonetheless quite well known in Queensland as an energy analyst. He has a long history and experience in the energy sector and is also a consumer representative in assessing and providing feedback to energy regulators on the impact on consumers. I did hope to incorporate his assessment in Hansard tonight but I have received word that permission for that has not been granted—so I will nonetheless provide that information to the Senate.

His information is on the policies of the Queensland Greens, across the board, the full suite of policies in the areas of networks, the generators and the retailers, as well as related policies such as reverting to state-based network regulations and approaches to renewable energy versus the clearly ridiculous ideas of building a new coal-fired power station—something that would clearly make electricity costs more expensive. All of those factors have been assessed by Mr Hugh Grant. He found that, for an average electricity bill, a typical bill for South-East Queenslanders, the Greens' policies would save people around 32 per cent, $620, off a bill of $1,750 over the course of a year. By contrast, Katter's Australian Party was half that, at $330; Labor about half again, at $165; One Nation less again; and the LNP's policy would actually cost people more once you factor in the economically and environmentally absurd ideas to build new coal-fired power stations, wherever you put them in the state. That's for South-East Queensland. When we turn to regional Queensland where, in many cases, unemployment is higher and, therefore, cost-of-living pressures—not just electricity but also, of course, housing costs, transport costs and the like—can have more impact, these savings are even greater.

I think Mr Grant will be releasing these details himself and he can explain the rationale behind his assessment, but the key point that I wanted to emphasise to the Senate and to all Queenslanders is that the Greens' policies leading into the state election on that key issue of electricity prices clearly will deliver the most significant and the most sustainable savings for Queenslanders in one of the areas where cost-of-living pressures are so high. That, in conjunction with all of the other issues that Queenslanders are assessing leading up to the state election is an extra reason to emphasise that the Greens' policy approach at this state election is such a credible and important one for the electorate to consider.