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JobMaker agreement aimed at keeping energy prices low for business

Adrian Flores
Adrian Flores
21 January 2021 1 minute readShare
energy prices low

The federal government has reached an agreement with east coast liquefied natural gas (LNG) companies as part of attempts to keep a downward pressure on energy prices for businesses.

Prime Minister Scott Morrison said the new Heads of Agreement will help secure competitively priced gas supply for the east coast market at least until 2023 and ensure more gas is offered to the domestic market, more often, and on more competitive terms.

The agreement was signed by Mr Morrison and LNG exporters Australia Pacific LNG, Queensland Curtis LNG and Gladstone LNG.

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Mr Morrison said cheaper and more reliable energy was central to Australia’s economic recovery and the government’s JobMaker plan.

“Gas is critical to our economic recovery and this agreement ensures Australian businesses and families have the gas supply they need at the cheapest possible price,” he said.

 

“As part of our JobMaker plan, we are delivering more Australian gas where it is needed at an internationally competitive price; this particularly includes manufacturing businesses who employ more than 850,000 Australians, many of which rely on gas to operate.”

The federal government has pointed to the JobMaker plan, in particular the Hiring Credit Scheme, as a critical element of stimulus for small businesses after JobKeeper is scheduled to wind down at the end of March 2021.

Under the JobMaker Hiring Credit Scheme, eligible businesses can access the payment for up to 12 months for each eligible additional employee they hire between 7 October 2020 and 6 October 2021.

They will be able to claim up to $200 a week for each additional eligible employee they hire aged 16 to 29 years, and up to $100 a week for those aged 30 to 35 years.

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The first quarterly claim period is expected to begin in February 2021.

JobMaker agreement aimed at keeping energy prices low for business
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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