Thursday 2 June 2022 02:40 AM Barnaby Joyce issues a dire warning to Australia amid power crisis trends now Barnaby Joyce has called for Australia to generate more coal-fired power to ease the energy crisis as power bills soar. The former deputy prime minister said Australia should follow European nations including Germany, Italy, Bulgaria, Romania and the Czech Republic which plan to burn more coal as a temporary measure while they reduce reliance on Russian gas. Sanctions on major oil and gas exporter Russia over its invasion of Ukraine as well as soaring demand after Covid-19 lockdowns have seen global energy prices skyrocket. Germany has drawn up a bill this week ordering coal power plants that were due to shut down to be maintained on standby in case they are needed at short notice. Barnaby Joyce (pictured) wants Australia to switch on more coal-fired power stations to ease the energy crisis as power bills soar Financial comparison group Finder is predicting Australian electricity prices could double in July, taking average monthly bills in NSW from about $120 to $240. Mr Joyce, who is against Australia's net zero carbon emissions by 2050 target which his own government implemented, said one solution is to burn more coal and gas. He blasted the Coalition for not building more fossil fuel plants or nuclear power stations which are banned in Australia. 'We've sort of gone off on this tangent that we don't need coal fired power, we don't need baseload power,' Mr Joyce told 2GB on Thursday morning. 'And of course that's like saying you don't need a roof, that you can live alright in your house if you just wear a coat and unfortunately these chickens are coming home to roost.' Labor Treasurer Jim Chalmers takes the opposite view, insisting that a 'decade of inaction' on renewable energy under the Coalition government has left Australians paying more for their power. Currently about 60 per cent of Australia's electricity comes from coal fired power. Pictured: Hay Point in central Queensland 'These are the costs and consequences of almost a decade of a former government which had 22 different energy policies, a range of different energy ministers, and didn't take the steps that we needed them to take,' he told reporters on Thursday. Dr Chalmers said the Coalition had failed at 'improving transmission, getting cleaner and cheaper energy into the system, or injecting some certainty in the market so that we can get the investment that we need.' The new Labor government wants 82 per cent of the nation's electricity to come from renewable sources by 2030 and believes this will bring down power prices because hydro, solar and wind energy is cheaper. Currently about 60 per cent of Australia's electricity comes from coal, 32 per cent from renewables and eight per cent from gas. Mr Joyce, who was toppled as Nationals leader on Monday, said he wants to change public opinion to garner support for more coal and gas. 'What we have to do now is get the attitude change in the public that you want to get baseload power up and running,' he said. 'You want to get the coal fired power stations up and running. You have to seriously consider nuclear because the alternative is coming to you in the mail and it's called the power bill and it's going through the roof.' Sanctions on major oil and gas exporter Russia over its invasion of Ukraine as well as soaring demand after Covid-19 lockdowns have seen global energy prices skyrocket The MP for New England said soaring power prices will hurt Australians on lower incomes the most. 'Now for a lot of people who are wealthy, this is an inconvenience, but for people who are poor, they become cold,' he said as parts of Australia's east are hit with sub-zero temperatures at the start of winter. 'What we have to understand is to look after people who are doing it tough, they must have affordable power. 'We must have affordable petrol, we must have affordable groceries, otherwise poor people suffer. 'And if you go down a path of some sort of almost religious zeal about climate policy, at the expense of everything else then you can't win the argument.' Even though it was only introduced in October, Mr Joyce claimed the net zero target was contributing to rising power prices. 'Every time you pay your power bill, you're paying for the 2050 target. Every time you pay for your petrol price you're paying for the 2050 target,' he said. Snow covered hills are seen behind Parliament House in Canberra on Wednesday as Australia is hit with a cold start to winter Fossil fuel subsidies across all Australian governments rose in 2021-22 to hit $11.6 billion. In interviews on Thursday morning, Dr Chalmers said there was no quick fix to the energy crisis and would not commit to limiting gas exports under the Australian Domestic Gas Reservation Mechanism. 'I don't want to pre-empt any of those kinds of discussions,' he said. 'It has its own challenges and it is not immediate. There is a series of processes that we would need to go through. 'We need to be upfront and recognise that there is not one thing that we can do to fix this overnight.' The EU's green deal commissioner Frans Timmermans believes Europe can still meet emissions reductions goals while temporarily burning more coal as long as nations switch Russian gas for renewables at the same time. Of the EU's 27 member countries, 17 have increased their plans to increase renewable energy since 2020, think tanks Ember and the Centre for Research and Clean Air said. If achieved, the countries' latest plans would see 63 per cent of EU electricity produced from renewables by 2030, up from 55 per cent under their 2019 policies, the researchers said. Germany and the Netherlands both hiked their renewable energy goals this year, while countries including Austria, Greece and Ireland have raised theirs since 2020. Bulgaria, Croatia, Slovenia and others set coal exit dates, and France offered renewable home heating subsidies. How millions of Australian families will be AT LEAST $670-a-MONTH worse off before Christmas - amid chilling admission by Labor's new money man that country's economic outlook is DIRE By Stephen Johnson A typical Australian family is set to be $670 a month worse off by Christmas as interest rates and grocery costs rise alongside a doubling of petrol taxes and electricity bills. New Treasurer Jim Chalmers is warning of 'skyrocketing inflation' with the Reserve Bank of Australia widely expected to inflict five more interest rate increases before the end of 2022 in an attempt to put the brakes on price rises. 'This perfect storm of energy price spikes is doing enormous damage to our employers, to our households, and to our national economy,' he said. 'There are far more troubling aspects in our economy: skyrocketing inflation is a big challenge.' New Treasurer Jim Chalmers is warning of 'skyrocketing inflation' with the Reserve Bank of Australia widely expected to inflict five more increases before the end of 2022 German discount Aldi estimates a typical family spends $192.19 a week or $9,994 a year on groceries Australian electricity bills are expected to double in July following a surge in wholesales prices with new Treasurer Jim Chalmers (pictured with wfie Laura) warning of 'skyrocketing inflation ' How YOUR bills in December would compared with now MORTGAGE: Borrower with a $600,000 mortgage would see their monthly repayments rise by $460 to $2,844 as interest rates rose five more times PETROL: A doubling of fuel excise back to 44.2 cents a litre would see a bill to fill up a Toyota RAV4 rise by $48.60 a month ELECTRICITY: A doubling of power bills meaning $118.67 more a month as a doubling of wholesale power costs are passed on to consumers GROCERIES: A family shopping at Aldi would see their monthly grocery bill rise by $42.47 should inflation stay at 5.1 per cent Advertisement The incoming Labor government wants Australia's lowest-paid workers to be given a 5.1 per cent pay rise in line with the consumer price index. This would see 2.7 million minimum and award-wage employees receive the biggest pay increase since 2006 at the height of the mining boom. However adding extra labour costs to businesses still dented by the Covid lockdowns will inevitably see that impost passed on to end consumers, pushing the prices of goods and services even higher. Mortgages Home borrowers with an average $600,000 mortgage last month saw their mortgage repayments climb by $78 after the RBA raised the cash rate for the first time since November 2010. This typical borrower would now owe their bank $2,384 a month, on a 2.54 per cent variable rate. But should interest rates rise five more times by Christmas - which is widely tipped by economists - those repayments would rise by $460 to $2,844 as variable rates climbed to 3.94 per cent. Westpac, Australia's second biggest bank, is expecting the RBA to raise rates five more times this year, starting with a bigger 0.4 percentage point increase in June. The bank's chief economist Bill Evans is expecting 0.25 percentage point increases also in July, August, October and November. Australia's economy grew by 3.3 per cent in the year to March, with the official national accounts data showing a 0.8 per cent increase over three months. 'From the Reserve Bank's point of view, these accounts will reinforce the case for further interest rate rises,' Mr Evans said. Westpac, Australia's second biggest bank, is expecting the RBA to raise rates five more times this year, starting with a bigger 0.4 percentage point increase in June Last month, the RBA raised the cash rate by 0.25 percentage points, from a record-low of 0.1 per cent, to 0.35 per cent with the big banks all passing on the increase in full 'The Bank may see some encouraging evidence in the accounts around wages growth but will be more focused on the clear inflationary pressures now flowing through the economy. 'Inflation pressures were evident in the price measures.' Last month, the RBA raised the cash rate by 0.25 percentage points, from a record-low of 0.1 per cent, to 0.35 per cent with the big banks all passing on the increase in full. What YOU could be paying by Christmas $500,000: Monthly repayments rising by $383 from $1,987 to $2,370 $600,000: Monthly repayments rising by $460 from $2,384 to $2,844 $700,000: Monthly repayments rising by $537 from $2,781 to $3,318 $800,000: Monthly repayments rising by $614 from $3,178 to $3,792 $900,000: Monthly repayments rising by $691 from $3,575 to $4,266 $1,000,000: Monthly repayments rising by $767 from $3,973 to $4,740 Data based on variable rate rising from 2.54 per cent to 3.94 per cent as the Reserve Bank of Australia raised the cash rate from 0.35 per cent to 1.75 per cent Advertisement As well as increasing mortgage repayments, further rate rises are also likely to cool demand for real estate, possibly putting house prices into reverse - creating a double whammy for those who have bought into the market near its peak. Petrol From September 29, fuel excises are doubling back to 44.2 cents a litre. His Liberal predecessor Josh Frydenberg in the March 29 budget temporarily reduced fuel excise to 22.1 cents a litre. With Australia's gross government debt approaching $1 trillion, Mr Chalmers has ruled out extending that halving in fuel excise and will bump the tax back up to its previous level. But since then, Sydney's average unleaded petrol price has surged back to 203.1 cents a litre. A family with a Toyota RAV4, Australia's bestselling SUV, would now be paying $111.70 to fill up a 55-litre tank. From September 29, fuel excises are doubling back to 44.2 cents a litre But even if petrol prices didn't rise any further, as Russia's war with Ukraine keeps crude oil prices at elevated levels, a doubling of the fuel excise back to 44.2 cents a litre would see fuel bills rise by $12.15 to $123.85. That's based on pump prices rising to 225.2 cents a litre. Over a month, that would add up to $48.60. Electricity A doubling of wholesale electricity prices is set to be the biggest burden of all for consumers. Financial comparison group Finder is predicting electricity prices to climb by up to 100 per cent from July 1, effectively doubling the price. Canstar calculated an average annual electricity bill in New South Wales of $1,424. A doubling would see that increase to $2,848, equating to monthly power bills increasing to $237.33 from $118.67 - a hefty rise of $118.67. Finder energy expert Mariam Gabaji said power prices were set to double in July as Australia grappled with an energy crisis. Electricity prices are also set to rise with the Australian Energy Market Operator noting wholesale prices had more than doubled to $87 in the March quarter - rising by 141 per cent in a year 'Power prices have more than doubled in the past 12 months and smaller energy retailers are starting to crumble under the pressure, passing on the surging costs to customers,' she said. 'Households which are already stretched to the limit are now confronted with another utility price hike. 'This at a time when the mercury is dropping around Australia, forcing Australians to go to extreme lengths to keep power charges down.' It is not only bill prices that will rise, but consumers will end up paying more for all goods and services as businesses which themselves face soaring electricity charges respond by putting up their prices to maintain profitability. This is occurring as power companies prepare to put up their prices from July 1, with Australian Energy Market Operator data showing a 141 per cent surge in wholesale prices to $87 in the year to March. Wholesale prices make up about 30 per cent of an energy bill. Groceries German discount Aldi estimates a typical family spends $192.19 a week or $9,994 a year on groceries. In a month, that works out at $832.83. Should inflation stay at 5.1 per cent, that would equate to a $42.47 increase taking groceries to $875.30. In the year to March, fruit and vegetable prices rose by 6.7 per cent following floods along the east coast of Australia as meat and seafood prices went up by 6.2 per cent. German discount Aldi estimates a typical family spends $192.19 a week or $9,994 a year on groceries. In a month, that works out at $832. Should inflation stay at 5.1 per cent, that would equate to a $42.47 All rights reserved for this news site (dailymail) and under his responsibility