PM argues for a cap on gas and coal prices

Sky News Political Editor Andrew Clennell says Labor government will enter the national cabinet meeting on Wednesday with an apparent stalemate between the federal government and state governments over a call for the states to cap coal prices. “It was in late October that the federal budget papers predicted that power prices were set to rise 56 per cent and gas prices by 40 per cent,” Mr Clennell said. “Since then, the PM and Treasurer Jim Chalmers have repeatedly promised they would act to prevent this happening. “As things stand today, this pledge is in danger of mirroring Mr Albanese and Mr Chalmers' pre-election promise that by 2025, thanks to renewable energy, power prices would reduce by $275 a year. “Last week the PM promised that whatever the government did on this front ... he has promised a solution by Christmas – it would substantially reduce power and gas prices. “That is looking more doubtful today than it did a week ago.”

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