Australia’s biggest energy and business groups have banded together to urge the government to abandon its “big stick” approach to energy legislation, warning the divestiture powers the government craves will impede investment and create genuine sovereign risk.
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| Australian business groups warn the government’s ‘big stick’ approach to energy legislation will impede investment and create sovereign risk. |
Scott Morrison and Angus Taylor threatened to break up Australia’s energy companies if power prices didn’t come down – by utilising commonwealth divestment powers never used before in Australia – through legislation due to be introduced to parliament this week.
The proposal, labelled an “extreme measure” by the energy sector, had already created waves in the Coalition party room, with dissenters uncomfortable with the prospect of such a dramatic market intervention.
Read the story from The Guardian by Amy Remeikis - “Business community unites to urge Coalition to abandon energy 'big stick’.”
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