A Tim Nicholls-led Liberal National Government will freeze executive bonuses at Queensland’s government energy businesses until electricity prices decrease to give families and businesses a fair go.
Labor has been using electricity prices as a secret tax, hurting families and small businesses.
The LNP understands that families can’t continue to face skyrocketing electricity prices. Enough is enough. It’s time families were given a fair go.
In the past decade electricity prices have increased by 109 per cent. Under Labor, electricity prices have hit record highs. The Palaszczuk Government has overseen 70% increases in wholesale electricity prices. In 2017-18, households are paying $50 more than the previous year and small business is paying $100 more.
Meanwhile, the bonuses and remuneration of executives at the government-owned energy businesses have increased nearly as much as electricity prices. The total remuneration of some executives has doubled over the past 10 years.
Under Annastacia Palaszczuk’s watch, some government energy company executives are earning over $900,000 a year, and have received bonuses of more than $100,000.
For too long Labor has used power prices as a secret tax.
Labor has propped up its ailing budget by ripping out increasing dividends from the government’s electricity generators. Without these dividends, Labor’s budget would be in deficit in 2017-18 and 2018-19.
Our Real Plan
A Tim Nicholls-led LNP Government will freeze executive bonuses at Queensland’s government energy businesses until electricity prices decrease to give families and businesses a fair go.
The Queensland Government sets performance metrics for every government business every year. Executives are paid bonuses based on their ability to meet these metrics.
In line with the LNP’s energy policy to provide affordable and reliable electricity, we will set these performance targets to reduce electricity prices and maintain reliability.
Unless these price-lowering and reliability targets are met, executive bonuses will be frozen.
This action will provide long-term and sustainable downward pressure on electricity prices. The LNP is aligning the focus of government businesses with our energy policy – to reduce costs for Queensland families.