Treasury backs intervention in Australian energy market to ‘quickly’ reduce prices

War-driven price shocks' signal possible need for government intervention to address energy costs, Treasury secretary says

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Treasury has backed government intervention in the energy market, saying it would support a move to quickly and directly" reduce prices to help households and businesses struggling with soaring inflation.

In a Senate estimates hearing on Tuesday, Luke Yeaman, a deputy secretary in Treasury, said that while the department would normally support staying out of the market to allow helpful adjustment" in response to price signals, the war in Ukraine had shifted its thinking.

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