Federal budget: Jim Chalmers flags intervention in energy market as prices surge

ACCC to review gas industry as Labor's budget forecasts point to a 56% rise in power prices over the next two years

• Explore all of our 2022 Australia federal budget coverage
• Get our morning and afternoon news emails, free app or daily news podcast

The Albanese government has asked the competition watchdog to review the code of conduct covering the gas industry and recommend options to toughen the current regime in the hope of delivering energy price relief to households and businesses.

The Australian Competition and Consumer Commission confirmed it had new riding instructions from the government after the treasurer, Jim Chalmers, on Wednesday flagged fresh government intervention in the energy market.

Sign up for our free morning newsletter and afternoon email to get your daily news roundup