‘The NEM commenced operations in 1998, but the policy foundations were laid in 1990 when Paul Keating initiated an Industry Commission review. The objectives of the NEM were to reduce costs to consumers and to increase the stability and reliability of the network. These objectives were achieved and resulted in Australians paying among the lowest price for electricity across the world. The NEM also contributed to enhanced competitiveness and productivity of Australian businesses, particularly energy-intensive manufacturing. But over the past two decades, through a series of poorly designed, uncoordinated and disjointed policies across all tiers of government, the benefits of energy market reform have more than reversed. So much so that the Productivity Commission’s recent 5-year Productivity Inquiry Report stated that: “Decades of competing approaches to climate policy have left Australia with a hodgepodge of narrowly applied, sometimes inconsistent sectoral abatement measures that not only impose an unnecessarily high cost on the community but often are ineffective in achieving abatement.”
….
Over the past 30 years, inflation-adjusted per capita commonwealth spending and taxing has doubled. A similar pattern is reflected in state and territory budgets. An average Australian household of four will pay $72,000 in commonwealth taxes in 2024.’
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)