2024 State Election Business Blueprint: Business community rejects interventionist policy for state-owned energy retailer  

By Emma Clarke

An election announcement by the ALP for a state-owned energy retailer would do little to put genuine downward pressure on energy prices, but instead create another layer of bureaucracy and reduce competition, the state’s peak business body said this morning.  

“The ALP’s plan to set up a state-wide, state-owned electricity retailer is interventionist policy which does not meet business or community needs,” Business Chamber Queensland CEO Heidi Cooper said. 

“Our data shows lowering the cost of energy is the number one election priority for Queensland businesses. Another state-owned retailer is not the solution to this significant business pressure.  

“Business knows business best. The government’s role is to create strong economic policy and an environment where business can thrive, not interfere in the private market. 

“For months businesses have been telling us they are facing record high energy costs and we’ve been calling for a genuine policy commitment to put sustainable, genuine downward pressure on energy prices. The state’s business community does not need another state-owned electricity retailer intervening in the business sector. 

“This policy is wholly retail-focused and does nothing to bring down the costs of wholesale energy – the major driving force behind high energy retail prices. 

“Another state-owned body is anti-competitive, inefficient and interferes in the free market.”  

Business Chamber Queensland’s 2024 State Election Business Blueprint puts forward close to 100 recommendations for the next Queensland Government to improve the immediate and long-term business environment in Queensland.  

“Businesses in every industry, of every size and in every part of the state told us record high energy costs were impacting their bottom line, their profitability and ability to plan and invest long-term.  

“It’s why more than 77% of businesses we surveyed said energy prices were their highest priority ahead of the October 26 election and with the next Queensland Government.  

“Businesses also told us the current government policy does not support their business growth and only 6% of businesses say the Queensland Government is planning for their long-term economic future.  This interventionist policy does not  improve this situation. 

“We called for the next Queensland Government to extend the electricity bill relief for businesses beyond 2024 to offer tangible and immediate relief from one of the most significant operational expenses. 

“At the same time, we are also calling for an investment in low-cost, sustainable energy to restore Queensland’s comparative energy advantage, while funding research and development in clean energy technologies and infrastructure projects can increase energy efficiency and diversity in Queensland. 

“Business and industry need policy certainty to plan and make investments, and that certainty includes knowing the government will not interfere in the private sector.  

“Any policy must focus on a long-term sustainable energy policy which supports businesses and communities to thrive – not one that intervenes in the private market.”  

ENDS 

Business Chamber Queensland media contact 

Emma Clarke | 0403 944 902 | [email protected]