Petrol Price crisis......

[Franco Cozzo]

Coal producers to get up to $500 million compensation for price caps

The Albanese government will spend up to half a billion dollars compensating NSW and Queensland coal producers for imposing price caps, as well as $1.5 billion for bill relief to households and businesses.

Energy Minister Chris Bowen on Saturday promised the caps on the price of black coal and gas were a “temporary and targeted measure”, to be replaced next year by a code of conduct for the gas market and new powers for the competition watchdog to “intervene” to ensure fair prices.

The Commonwealth and states will continue negotiations over the coming days about the details of a rebate on power bills for households and businesses, and how much producers will be compensated for the price caps.

https://www.smh.com.au/politics/fede...10-p5c59e.html

How good is this - they dig up our resources, sell them back to us at global market rates, pay no taxes and then we compensate them $500M when we want to buy our own resources dug up from our own ground at reasonable prices. I don't think Saudi Arabia is paying $2.33/L for diesel.

I feel like the $2B they just slapped down on the table would have gone a long way to a government owned renewable energy infrastructure project.

There's an even easier way to solve this problem without giving away $500M of taxpayers to private companies who have been rorting our country for decades - nationalise hydrocarbons.

Just take it off them