Australians should be outraged at AGL's announcement of a $537 million half-yearly net profit.

Announced today, AGL's half-yearly profit is up 10 per cent from $487 million in 2018, and 138 per cent higher than 2011 figures.

We firmly believe in competitive free enterprise that serves customers, but in the Retail Electricity Pricing Inquiry final report, the ACCC condemned current industry conduct and was scathing of the practices of the big energy companies describing them as 'unacceptable and unsustainable.'

The big energy companies continue to take record profits, while Australian families and businesses continue to struggle under the burden of high energy prices.

These companies have had it too good for too long, and are desperate to protect their patch from fairer rules introduced by the Morrison Government.

The Government introduced its 'Big Stick' legislation in response to the recommendations of the ACCC report. The Bill prohibits energy companies from unfairly setting retail prices, from manipulating prices in the market and from acting to prevent competition and supply in the market.

If energy companies engage in prohibited activity, the Bill provides powers to issue fines, and to separate or sell generation assets to increase competition and prevent cartel-like behaviour.

We make no apology for this legislation. If the market was working well, it would not be required. Instead, your power bills are being held hostage to the market dominance of the big energy companies - and every Australian is wearing the cost.

The big energy companies should hate this Bill. It is designed to force them to finally put their customers first.

The big question is why the Labor Party is running a protection racket for the big energy companies and their record profits.

Labor has voted against our 'Big Stick' legislation twelve times, choosing instead to side with the big energy companies, and protecting their massive profits instead of Australian families, pensioners and small businesses.

Repeated statements from the big energy companies this week at the 'Big Stick' legislation Senate committee hearings, suggesting a lack of investment in the energy sector, are utterly false and hypocritical.

According to latest figures from the Clean Energy Regulator, over $25 billion worth of investment totalling 18.8 GW is already committed in the Australian energy sector over the years 2018-2020.

The Government also received a strong response to the Underwriting New Generation Investments program, with 66 submissions received during the Registration of Interest process. This will improve competition, increase supply and reduce wholesale prices.

This response proves there is no shortage of willingness to invest in Australia's future energy supply. The only lack of incentive is from the big energy companies, who are desperate to maintain their stranglehold on the Australian energy market. If the big energy companies won't invest, others will.

We are committed to protecting Australian households from high power bills and punish bad behaviour in the energy sector.