Malcolm Turnbull has refused to rule out further regulating electricity prices to get a better deal for consumers as energy retailers declared his new inquiry will "bust the myth" there is any price-gouging in the market.
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| Prime Minister Malcolm Turnbull says excessive profit margins are being made by electicity retailers. |
The government said the Australian Competition and Consumer Commission investigation could ultimately save households hundreds of millions of dollars by empowering consumers with better transparency and choice.
Consumer groups welcomed the move but Labor, and crossbench kingmaker Nick Xenophon said it was too little too late.
The latest phase in the electricity debate came as new opinion polling on power generation finds nearly two-thirds of Australians want the country to move away from coal and embrace other energy sources.
Read Adam Gartrell’s story in today’s Melbourne Age - “Energy retailers say Turnbull inquiry will bust price-gouging ‘myth’."
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