KIERAN GILBERT: Angus Taylor, thanks so much for your time. I want to start with this comment today by Westpac's Head of Infrastructure and Utilities David Scrivener - he says investors aren't going about coal, that the way investment and capital is going, it's all into renewables. What do you say to that sort of assessment? As we wait for your list of what generation your Government is going to underwrite.

ANGUS TAYLOR: Kieran, we are seeing phenomenal investment in solar and wind right now, about $25 billion in the next three years, completely unprecedented. There's no shortage of investment in this industry but it must be firmed, it must be backed up. It's got to be a generation that ensures that when the wind doesn't blow and the sun doesn't shine, we can keep the lights on. We saw in Victoria 200,000 houses, and Portland out - that was a completely unacceptable situation because of crazy state policies. That's why we're underwriting new generation into the market place. Technology neutral - recommended by the ACCC. Look, the fuel source is not the issue, the fuel source is not the issue, the issue is keeping prices down and keeping the lights on.

LAURA JAYES: Sure.

ANGUS TAYLOR: Bringing more supply into the market - that's the key - more supply into market.

LAURA JAYES: Can you do that without legislation?

ANGUS TAYLOR: Yes, absolutely, without new legislation.

LAURA JAYES: The Australia Institute said-

ANGUS TAYLOR: Without new legislation.

LAURA JAYES: Right.

ANGUS TAYLOR: Read closely what the Australia Institute said. We don't need new legislation to do this, what we need though is more supply in the market to make sure that we keep prices down, we keep the wheels of industry turning and we can keep the lights on.

LAURA JAYES: So what does that mean though - "not new legislation"? But do you need to pass any amendments through Parliament in order to be able to underwrite new coal or existing-

ANGUS TAYLOR: We believe we've got the legislative authority to do this.

LAURA JAYES: Do you have advice from the Solicitor General?

ANGUS TAYLOR: We know we've got the legislative authority to do this.

LAURA JAYES: Is that a yes?

ANGUS TAYLOR: Look, the key here is we are not taking a backward step on any of this, not on any of this. The only people taking a backward step are the Labor Party because they are weak. They're weak on the big energy companies, they're weak on actually getting this market to work for consumers.

KIERAN GILBERT: You are talking a backward step on the big stick legislation.

ANGUS TAYLOR: No, we are not.

KIERAN GILBERT: So are you going to pass it before the election?

ANGUS TAYLOR: If Bill Shorten-

KIERAN GILBERT: Will you pass it before the election?

ANGUS TAYLOR: Let me answer that question - if Bill Shorten says today I am prepared to work with you to hold these big energy companies to account, it will get passed through the Parliament straight away.

LAURA JAYES: So you're relying on Labor to pass your energy policy?

ANGUS TAYLOR: At the end of the day, at the end of the day, Labor has got to decide whose side are they on. Are they on the side of the big energy companies or are they going to work with us to implement recommendations from the ACCC where they expressed deep concerns about market manipulation, about shutting competitors out of the marketplace, about shutting supply out of the marketplace. These are very, very serious concerns.

KIERAN GILBERT: The Nationals want you - the National Party MPs that I've spoken to - well you know Barnaby Joyce have been pushing this divestiture power. He wants it to happen, other Nats want it to happen.

ANGUS TAYLOR: We all want it to happen.

KIERAN GILBERT: So - but they are going to push for a vote before the election and they want it to be passed before the election. Will that be your priority?

ANGUS TAYLOR: We all I want it to happen and the question here is is Labor weak on the big energy companies. Look, this is a market that is not working as it should be.

KIERAN GILBERT: It shows you don't control the Parliament doesn't it? If you're putting it all on Labor, as Laura said.

ANGUS TAYLOR: Let me finish Kieran. Well you know what, there are many pieces of legislation where Labor has taken the wrong position over the last couple of years and we are seeing that here because they are weak on the big energy companies; they are too close to them. We've seen in Queensland they rely on the big energy companies which they own to make ends meet.

KIERAN GILBERT: Well test it in the Parliament.

LAURA JAYES: Minister, when will you test it? Will you put it to a vote?

ANGUS TAYLOR: Well you know what, the question here is-

LAURA JAYES: You are running out of time.

ANGUS TAYLOR: The question here is for the Labor Party and-

LAURA JAYES: Sure but are you going to ask them that on the floor of the House?

ANGUS TAYLOR: We're asking them here and now - are they going to back us to take on the big energy companies-

LAURA JAYES: Here is one thing, on the floor of the chamber is another.

ANGUS TAYLOR: Are they going to back us to take on the big energy companies and do the right thing by Australian consumers, Australian business? The fact of the matter is they are weak on this issue just as they are weak on borders. Bill Shorten is weak on the things that really matter to average Australians.

KIERAN GILBERT: But yet you still haven't said to us whether you're going to put it to a vote before the election.

ANGUS TAYLOR: We want this through as soon as possible. We'd like this through this week and the question for the Labor Party is are they going to be strong? Kieran, there's no sign of their strength. Look, they've opposed this legislation twelve times already. Twelve times they've said they'd rather back their mates in the big energy companies.

LAURA JAYES: So-

ANGUS TAYLOR: Let me finish - twelve times they'd rather back their mates in the big energy companies than to sit on the side of Australian consumers. You have got to ask yourself why? Well in Queensland, for instance, they rely on those companies - the profits, $1.65 billion dollars they ripped out last year to try to make ends meet. They couldn't even deliver a surplus with that.

LAURA JAYES: It seems we're living in alternate universe when we have the Liberals accusing the Labor Party of being on the side of big business when it should be a philosophical point.

ANGUS TAYLOR: It's not philosophical, let me - sorry Laura - this is not philosophical. This is about whether Australian consumers are getting a good deal, and the Liberal Party and Coalition have always backed strong competition.

LAURA JAYES: But you don't have a legislated energy policy at the moment. What is your energy policy without this legislation?

ANGUS TAYLOR: Lower prices, keeping the lights on-

LAURA JAYES: You've been in Government six years, they haven't materialised.

ANGUS TAYLOR: Let me finish, let me finish.

LAURA JAYES: Okay, fair enough.

ANGUS TAYLOR: On the first of January we saw reductions of 10 to 15 per cent because of our pressure for the most vulnerable customers. We want more supply into the marketplace - we've got 66 proposals that have come forward and we will proceed with those as quickly as we possibly can. We want the big stick legislation through as quickly as possible, and ultimately that is 'good cop' competition policy recommended by the ACCC to prevent market manipulation, to prevent shutting out competitors in the marketplace, and to prevent dodgy practices like the rule change that we're pushing through the AEMC now where people are paying up to $1000 extra per year because they pay a couple of days late. I mean, this is unacceptable behaviour from an industry that needs to start focusing on its customers. And Labor needs to-

KIERAN GILBERT: Do you still support a reference price for industry? Because they've said you've dumped that as an initiative. You still support the idea of a reference price so companies, retailers, know what to charge?

ANGUS TAYLOR: We are not taking a backwards step on this, and we've been very clear we want the loyalty tax gone by 1 July, we want confusion out of the marketplace, and that means a price from which everybody can measure whether they're getting a fair deal. I mean we've been clear about that. There's been no ambiguity.

KIERAN GILBERT: So there's no backing away from this?

ANGUS TAYLOR: The only ambiguity here is coming from the Labor Party that are too close to big energy.

KIERAN GILBERT: The idea of the reference price, you're still backing that?

ANGUS TAYLOR: Absolutely.

LAURA JAYES: Saving $1000 dollars on your energy bill - I mean, sign me up if I'm going to save $1000 on my electricity bill. This seems like an extraordinary saving. It's almost a 50 per cent discount in some cases, surely. How many people do you expect could save that amount of money?

ANGUS TAYLOR: We've already seen 500,000 households get a better deal from January 1 because of pressure we've applied.

LAURA JAYES: Sure, but the $1000?

ANGUS TAYLOR: The penalties, there's a significant number of households right now that get bumped up by 25, 30 per cent or more because they pay a day late.

LAURA JAYES: How many are going to save $1000 though, it's a big promise?

ANGUS TAYLOR: Well, I said up to a thousand but there's very significant savings for a large number of households who are getting bumped by 25 to 30 per cent because they pay a day or two late. Now the big energy companies have got to do the right thing here. When you bump someone up on their bill by 25 to 30 per cent because they've paid as little as a few hours late, you're ripping them off and that's the culture change we want to see in the energy companies. It's the culture change that the Labor Party need to decide whether they're going to continue to support, because they've been weak on this issue.

KIERAN GILBERT: And will you - just one last chance - will you bring the big stick legislation back for a debate in the House this week? Yes or no?

ANGUS TAYLOR: We will. We will put that through the Parliament if the Labor Party is prepared to support us and do the right thing rather-

LAURA JAYES: It sounds like a no.

ANGUS TAYLOR: Well, the fact of the matter is-

LAURA JAYES: But you said they've voted against it 12 times.

ANGUS TAYLOR: Twelve times they've voted against it, and they've got to decide whether they're going to back us now.

LAURA JAYES: I think they've already decided, don't you?

ANGUS TAYLOR: Well, you know what, then the Australian people will make a decision about them because they're weak on borders, they're weak on the big energy companies, they're weak on making sure that consumers get a fair deal, households, hardworking businesses, and frankly you know out in my electorate over the weekend the one overriding message I heard again and again is that Labour is weak on the things that matter.

KIERAN GILBERT: Energy Minister Angus Taylor we're out of time, thanks so much.

ANGUS TAYLOR: Thank you.