Greg Combet put out a media release today (emphasis added).
The New South Wales Independent Pricing and Regulatory Tribunal (IPART) today released its final determination on regulated retail electricity prices for 2012–13.
IPART has determined that the carbon price will add less than $3.30 per week, or around 8.9 per cent, to the average household electricity bill.
This is below the national average impact predicted by the Treasury of a 10 per cent price increase averaging $3.30 per household.
IPART’s decision on the impact of the carbon price is also consistent with similar findings by electricity price regulators around the country.
The Gillard Government’s household assistance package has already begun delivering assistance to households.
On average households will receive $10.10 a week in assistance 2012-13 to help with the modest price impacts of the carbon price.
Tony Abbott has consistently attempted to scare the New South Wales public by claiming the carbon price would lead to “massive” household electricity price increases of 20, 25 or 30 per cent.
The facts are now coming in, demonstrating the dishonest claims of Mr. Abbott.
He should apologise to the people of NSW for this deceitful scare campaign.
So let’s remind ourselves of what the Treasury actually predicted (emphasis added).
The carbon price leads to an average increase in household electricity prices of 10 per cent over the first five years of the scheme. This is a modest increase in the context of the 40 per cent real increase in electricity prices over the past 5 years.
Just to be clear – that 10 per cent over five years is repeated in the main document (emphasis added).
Household retail electricity prices are projected to increase by 10 per cent on average, compared to the global action scenario, over five years after carbon pricing starts.
So the carbon “price” has used up 8.9% of the 10% over five years.