JOURNALIST: I might start with your response to BlueScope's results that were released yesterday. What's your initial response from them? They were obviously quite impressive. But also what do you think it says, you know, about the importance and the future of steel, and in this region in particular?

ANGUS TAYLOR: It tells us that BlueScope is in fantastic health, and that is a great thing for this region. The first job I ever had out of university was at Port Kembla working at the steelworks. I've watched it closely ever since, and it's just brilliant to see how well it's doing. I want to see it continue to thrive into the future and create jobs for people in this region, not just the direct jobs but all the indirect jobs that flow from it. We'll continue to work with BlueScope and others to make sure that our steel industry in this country has a fantastic future.

JOURNALIST: In the context of Eraring and also the ongoing situation with AGL, how are we going to provide security for this region that relies so heavily on traditional energy and manufacturing?

ANGUS TAYLOR: We're doing it now. I mean, this is the important point. Now, it is true that we are disappointed with Eraring's early closure, and the announcement by Origin. But we say to Origin you need to be part of the answer to make sure there's replacement capacity for the capacity that is closing. And we have the track record of making sure that gets into place. We've done it the closure of Liddell where we're seeing a new gas generator here in the Illawarra being built to help replace Liddell – the Kurri Kurri gas generator. We're doing reforms to the market to make sure there's incentive to get new capacity into the marketplace. We're building Snowy 2.0. We're supporting the Port Kembla gas generation project through its feasibility processes. We'll continue to make sure there's enough supply in the market. But Origin has to do its bit as well, and they have an obligation to their customers to make sure the supply is there to continue to deliver the affordable, reliable energy they need.

JOURNALIST: And how will, you know, you kind of touched on it there, but how important is this region going to be as our state and as our country really transitions towards more sustainable forms of energy and manufacturing as well?

ANGUS TAYLOR: It's hugely important for jobs here in the Illawarra and surrounding jobs. I know many people in my electorate up the hill work here in the Illawarra, so I understand how important that is. We want to see those jobs in industry here as well as the new jobs that are emerging in places like here at the university continue to remain strong for many years to come. That's why we're investing in low emissions technologies to make sure the steel industry has a great future as emissions come down. That's why we're focused on making sure our manufacturing sector in Australia continues to strengthen, and we've seen that in recent years, particularly during the pandemic. So we'll work closely with BlueScope and others in this region to make sure we've got a great manufacturing future.

JOURNALIST: Yeah, a part of those half-yearly results was quite a few, there was quite a focus on BlueScope moving towards different models of manufacturing, responsible steel, all that kind of thing. To what extent is the Government going to support BlueScope over the next decade, two decades as that transition continues?

ANGUS TAYLOR: Well, we've committed the funding necessary to support investment in the R&D and the technologies that are going to allow BlueScope to do exactly that - $21 billion across our low emissions technology investments. We've also got the $1.5 billion Modern Manufacturing Strategy. All of these areas are focused on making sure that we have a great future for manufacturing. One of the priorities of the Modern Manufacturing Strategy is clean energy, and one of the priorities of our net-zero target and plan is low emissions steel, so BlueScope and surrounding jobs and industries are right where we need Australia to be successfully in the coming years.

JOURNALIST: Is it conceivable that AGL shifts entirely from coal to renewables in the next eight years under new ownership without any material impact on reliability or costs?

ANGUS TAYLOR: We've seen a bid from Brookfield in the last day or so. We've seen very little detail on what their plan is at this point. There's a lot of hurdles this has to get over. It has got to get board approval, shareholder approval, it has got to get Foreign Investment Review Board approval, and it has got to get ACCC approval. This has got a long, long way to go. I look forward to seeing the details. We will want to see that there is in the event of any closure, replacement capacity in place and a plan to make sure that prices are contained, prices continue to come down. We've seen an 8 per cent reduction in prices for households in the last couple of years, 10 per cent for small business, 12 per cent for industry. We saw a doubling under Labor. And meanwhile, we've got a Labor opposition that doesn't know the difference between a wholesale price and a retail price and put out a plan late last year that said no coal generator was going to close early. I mean, it's just ridiculous. We've got the form. We've got the track record. We've delivered the outcomes. We've delivered those electricity price outcomes at the same time as our emissions have come down by 20 per cent, and we're going to stay relentlessly focused on continuing to deliver those outcomes. We look forward to talking with Brookfield more about their plans and how those plans can fit with our goals in the coming years.

JOURNALIST: You know, given the notice period, do you feel that you know, any gaps in the power grid can be foreseen and filled within that time?

ANGUS TAYLOR: With Origin, because it's three and a half years, there are some good projects that are coming to fruition, including here in the Illawarra that can help to fill that gap. We'll work with those project proponents to give them every chance of success. But we can't be left with a gap in the marketplace. It's as simple as that. We won't accept it. We've learnt from what happened with Hazelwood down in Victoria, we've been dealing with this with Liddell, and we'll make sure there is no gap in the market left. And Origin needs to do its bit.

JOURNALIST: What's the worst-case scenario if this takeover does happen and if AGL accepts a future bid from Brookfield? Will the Government seek to block that deal?

ANGUS TAYLOR: Well, I'm not going to speculate on any of this. This is still very, very early days. There's a long way to go before this comes to fruition. As I say, I'm looking forward to seeing more detail and meat on the bones of what the plans actually are from Brookfield.

JOURNALIST: What impact are you anticipating on global gas and oil prices if Russia does, in fact, invade Ukraine?

ANGUS TAYLOR: We're in a really fantastic position here on gas in this country. Our gas prices are sitting at one-quarter of the prices in Asia and Europe. That's a remarkable outcome. And the reason we've been able to get to that outcome is we've got more supply coming out. We're still exporting large amounts of gas to the world to help them meet their energy needs. We're one of the world's biggest energy exporters. But at the same time we've managed to get to a point where we've got so much supply here in Australia our prices are very low compared to the rest of the world. We want to see that continue. We're watching very closely what's happening in the Ukraine. We're obviously concerned about the impact it's had on oil prices, and that's something that will continue to be a focus for the Government.

JOURNALIST: I suppose just for a region – back to kind of BlueScope – I suppose for a region that does, you know, BlueScope, mining, steel, they're life bloods of this region. And I suppose when workers see things like AGL and they see things like the closing of Eraring, I wonder if does kind of send a bit of a shiver through some spines in this region about what the future of their jobs are going to be. Do you feel confident that we're going to be able to handle this transition in a way that doesn't result in kind of a bit of a collapse in a region that does rely so heavily on it?

ANGUS TAYLOR: Look, I can understand that discomfort you've described. But the point I would make is that as the Government we have the track record. And you can see it in what's been achieved in the last couple of years – 8 per cent reduction in household bills, 10 per cent small business, 12 per cent in industry. We'll continue to drive that. And it's because we understand that you've got to get enough supply in the market to meet customers' needs and avoid prices going up. We've taken on the big energy companies. We've put the big stick legislation through the Parliament to make sure we have the powers to keep the energy companies accountable. We've done things that were opposed by the Labor Party, including that big stick legislation, but ultimately we've been proven to be right. There were many opponents to the Kurri Kurri gas generator when we announced that. But, you know what? They're falling away now because they can see it is the right answer. We've seen ahead of time what needs to happen and we've been driving significant reforms through the market to make sure there's enough supply. I have worked in this region, I have many of my constituents who work in not necessarily just directly in this region, although they do, but also in supply to this region – the coal mines in Appin and Tahmoor. I talk to those people all the time. It's important that their jobs be as sustainable as possible, and whilst there is still customers for their products, I tell you what, I'll be there fighting for them.

JOURNALIST: Minister, just a couple of questions from The Mercury. So you talked in your speech a little bit about, you know, there's no point planning green steel and aluminium with high energy prices would decimate that. Can't we walk and chew gum at the same time?

ANGUS TAYLOR: We can do both. Exactly right. And that's the point I make. We have to think in both the long term and the short term. You can't just think long term. You've got to do both. And that's a really important point here. We have to be able to deliver affordable, reliable energy at the same time as we have a pathway on reducing emissions. And that's exactly what we've achieved. I mean, this is the point I keep making. Our emissions are 20 per cent down since 2005, and we've been able to get prices down. And at the same time we're one of the very few countries in the world with a plan to drive emissions down to net zero by 2050. Now, planning 30 years out is hard work, let me tell you, because there's a lot you don't know about the world. But making sure we have a portfolio of technologies, like low emissions steel, that is being invested in today. Hydrogen, making sure that the cost of hydrogen comes down, which will be critical to getting clean steel to competitiveness. These are the industries we're investing in today, alongside making sure we've got affordable, reliable energy. You've got to do both.

JOURNALIST: I guess with hydrogen in particular, you're obviously creating a demand centre here with Tallawarra and in the future, obviously BlueScope will be part of that as well. What's the Federal Government doing in this space? I think one of the questioners pointed on that in the speech upstairs that there's a little bit less of an interest from the Federal Government in this space in the Illawarra than there has been in other regions around Australia.

ANGUS TAYLOR: I have enormous interest in this area. I live just up the hill and I watch it very closely. I'd like to see the Illawarra becoming a hub for energy. And, in fact, that's happening. The Tallawarra generator. The Port Kembla gas generator which Squadron is developing and the import terminal and then the potential for that to be offtake for hydrogen. I see a very real opportunity. Now we've got to get the projects. The projects have got to be real. But they're happening. I mean, Tallawarra was just a plan four years ago when I became the Minister. I worked very closely with Energy Australia over that time period to make it come to fruition. I'd like to see the same with some of these other projects. We've committed $21 billion to low emissions technologies. I'd like to see a fair share of that going to the Illawarra region for sure, and I think that there's real potential to do that.

JOURNALIST: And just with the energy transition, some of the comments that Mark Vassella from BlueScope yesterday was talking about, he wants to see an orderly transition and he’s concerned about, you know, a major energy station closing in three years and he's focus is obviously on an orderly transition. Has the Government been caught on the back foot a little bit here with something like this closing down in such a short period of time?

ANGUS TAYLOR: You know who's been caught on the back foot: the Labor Party. They put out a plan late last year where they assumed and planned on not a single coal generator closing. Meanwhile, we've brought forward Kurri Kurri, we've been investing in the Port Kembla gas generator, we've been supporting Tallawarra. We've been putting reforms in the market to make sure that there's incentives for companies to get enough capacity into place in a timely way. We put the notice period into place which forced Origin to make that announcement as far as out as they did. We've done all of that. And meanwhile we've got an opposition who couldn't even get a plan right a couple of months ago. I mean, seriously? We have seen the challenge here. It is very real that we focus on making sure there's enough supply in the market. Whether it's the gas market, the electricity market or other essential services that Australians rely on, we've been resolutely focused on making sure the supply is there for customers.

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