Industry leaders and industry groups have all come out in support of the government’s $10.7 billion investment in the sector, but many say it is time for the Government to take a long-term view on the sector.
The State Government has announced a $15.5 billion investment to boost the energy sector over the next 10 years.
In recent years, energy companies have seen significant price rises.
The Australian Energy Market Operator, which manages energy markets, says the average price of a kilowatt hour of power has increased by over 60 per cent since 2020.
But the average power price is only one of the factors influencing electricity prices.
According to the Australian Energy Regulator, the average cost of a new residential home is now around $4,400.
For a household with three adults and one child, the annual household income would be $50,000, the cost of electricity would be about $10,000 and the annual savings would be around $40,000.
If electricity costs were $10 per kilowatts, the savings would also be $10 for each $1 invested in renewable energy, and the electricity industry would be worth $8 billion.
“We’ve got a significant number of jobs in renewable and energy efficiency, we’ve got huge potential, we’re on track for a 20 per cent increase in renewables by 2030 and we’re not alone,” Mr Fink said.
Energy Minister Josh Frydenberg said there would be no change to the RET, the Energy Industry Transformation Act.
Mr Frydenberry said the Government would be considering a range of options in order to deliver the investment, including increasing the renewable energy target, introducing a national energy market and a new Energy Efficiency Target.
“[The RET] is designed to deliver some sort of transition in the electricity market.
We’ll take a look at what’s in place and what the implications are for consumers and the businesses in the industry,” Mr Frydenby said.