The Executive Director of the Business Council of Australia, Mr. David Buckingham, supported Senator Minchin’s call to “re-energise energy market reform”.

Mr Buckingham said today that “Business shares the government's concern about the fundamental importance of energy reform for Australia's continued economic growth. It is essential for industry, consumers and the living standards of all Australians.”

Mr Buckingham said that: “Business believes that the reforms to date have provided great economic benefits to the nation, but that the reforms are seriously incomplete. We cannot afford to let the reform momentum on such an important aspect of public policy stall.”

Mr Buckingham continued that “In our view the minister has focused on the most important issues:

• improved interconnection in order to increase the reliability of, and competition within, the energy sector.
• a simplification of energy regulatory mechanisms and of regulatory design.
• greater harmonisation of regulations between different states and territories.
• diversification of ownership of electricity assets in Queensland and New South Wales.
• simplification of regulations which stand in the way of increased exploration and development of new energy resources for Australia.

“The consequence of these changes will be to enhance the reliability of the supply of energy to Australian householders and industry, as well as lowering prices and enhancing consumer choice. This is important to all of us.”