No end to soaring electricity prices

It is not too late to change direction.

The case for the immediate repeal of the carbon tax could hardly be clearer. After all, both sides campaigned on its 'termination' at the last election. The best signal of resolve to deal with energy costs the Parliament could deliver would be the early passage of the repeal bill.

The review of the Renewable Energy Target must also frame its work around a single-minded determination to reduce energy costs.

The Government's broader deregulatory agenda is also critical here. This includes a renewed push on energy market reform, a root and branch effort to tackle red and green tape across all federal and state agencies as well as the streamlining of project approvals and structural obstacles to energy exploration. A reduction in the costs of new and existing energy projects will eventually lead to a dividend at the electric power switch.

We should also not be afraid to restart the conversation on nuclear power. Despite being home to more than 35 per cent of the world's uranium reserves, Australia stands out amongst its peers with its legal prohibition of nuclear power. A mature, sensible measured debate about nuclear energy should surely not be beyond us.

In the absence of such a conversation, can be no genuine and thorough exploration of the true economics of nuclear power generation in Australia, no genuine and thorough proposals from alternative reactor technology providers (such as small-scale, remote power plants) and no genuine and thorough engagement with potential site host communities.

Australia should resolve to regain our status as a low cost energy jurisdiction. There is no more regressive tax on low income earners than a high electricity bill. There is no more insidious burden on export and import competing firms than steadily rising energy costs.

Low energy costs must again become a defining objective of our energy policy, not – as they have been for the last five years – its first casualty.