From 'The Australian'(continues to be misleading as the stupid,...

From 'The Australian'

(continues to be misleading as the stupid, ill-advised 'price cap' may well hardly affect most producers):

National Cabinet has agreed to introduce temporary coal price caps, federally funded energy rebates for households and businesses and a capacity investment scheme in a bid to bring down soaring power bills.

Anthony Albanese announced the package after he met with premiers and chief ministers on Friday afternoon, laying out a four part plan which includes $1.5bn in targeted subsidies for households.

The federal government will also implement a mandatory temporary code of conduct in place for 12 months at $12 a gigajoule, with the ACCC responsible for monitoring and enforcement.

NSW and Queensland have also agreed to introduce a temporary coal price cap of $125 per tonne, with NSW will be to legislate its cap, while Queensland will use its direction powers under its state based corporations act.

The commonwealth will also provide up to $1.5bn of targeted subsidies for households and small businesses in a bid to alleviate soaring power bills, set to take effect in the second quarter of next year.

The funding will be paid through state governments by reducing power bills rather than cash handouts to ensure the relief does not fuel inflation.

The Prime Minister revealed federal parliament will be recalled next week to legislate the changes before the end of the year.