“The Opposition has taken a sensible step today in moving towards a workable compromise on the Renewable Energy Target (RET),” Business Council of Australia Chief Executive Jennifer Westacott said.

“Last week, in a united front with other peak bodies, the Business Council called on the government and the Opposition to resolve the impasse on the RET and reach a bipartisan consensus.

“The deadlock on the RET continues to stall investment, create uncertainty in the electricity sector, and put Australian energy-intensive industries at risk of paying higher electricity costs.

“In backing the Clean Energy Council’s compromise position on the RET – 33,500 GwH by 2020 – the Opposition has now made it possible to reach agreement.

“It is important that the government gives serious consideration to the proposed target to give both the renewable energy and energy-intensive industries the certainty needed for investment and supply,” Ms Westacott said.