Unions back minimum wage submission – as it happened

Labor government recommends minimum wage be increased in line with inflation; Anthony Albanese says stopping new gas projects doesn't reflect the needs' of economy; new monkeypox cases reported in NSW and Victoria; nation records at least 50 Covid deaths. This blog is now closed

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• Monkeypox: what are the symptoms and should Australia be worried?
• Can anything be done about the perfect storm' in Australia's energy markets?
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Pick up the phone and call your energy retailer'

The CEO of the Australian Energy Council, Sarah McNamara, appeared on ABC News Breakfast this morning to discuss the perfect storm the market is currently facing.

It is not a systemic market failure under way but there is a coincidence of factors occurring in the market, putting pressure on the wholesale price and that will put pressure on retail bills as well.

Most consumers won't experience the kind of wholesale market price spikes we are seeing at the moment. That is because their retailers have hedging contracts to ensure their supply costs are smoothed out over time. However, because there is general upward pressure on prices, people are going to experience higher bills over the coming year.