PROPERTY INDUSTRY URGES SUPPORT FOR NATIONAL ENERGY GUARANTEE

State and Territory governments met this morning to discuss the National Energy Guarantee (NEG) at the COAG Energy Ministers meeting in Sydney. The Property Council welcomes the announcement that there is unanimous backing for the plan, but urges all states to continue their support for NEG in order to make it a reality.

‘On behalf of Australia’s biggest industry which employees 1.4 million Australians and contributes 13 per cent of GDP, we strongly support the objectives of the NEG to depoliticise energy policy and to integrate energy and climate policy,’ said Ken Morrison, Chief Executive of the Property Council.

‘The reality is that the NEG is the only realistic framework for addressing energy issues. The alternative to moving forward with the NEG framework is to have no framework and no certainty, and that approach has failed the country for too long.” Mr Morrison said.

A positive outcome from today’s meeting is particularly critical for WA which currently has no set emissions targets and is currently determining their own energy policy. WA Energy Minister, Ben Wyatt has expressed he wants WA to be part of a national energy plan rather than go separately and set its own emissions targets.

“Ultimately my preference is always to break to a national model, I don’t think individual state models are as efficient and as effective for private sector investment as a national model,” he said.

The Property Council strongly supports the adoption of NEG and believes it is an opportunity to provide a clear policy framework which can deliver certainty on the supply and cost of energy for Australian households, business and industry.