ANGUS TAYLOR: I've just come from an extremely constructive and productive discussion with many of the energy companies from across the sector. We've made clear to them now for many weeks, that we want to see an end to the confusion that customers suffer when they are trying to enter into a contract with an electricity company. We've said to the companies very clearly that we want to see an end to the loyalty tax that's paid by customers who trust their retailer and don't negotiate a new contract every year. The companies have seen that we are serious and we've seen today an initiative put forward by the energy companies to standardise comparison rates for all customers. That means that a discount from one company will be absolutely comparable with a discount from another company. Customers will be able to measure apples against apples. That standardisation is absolutely crucial to ensure that the confusion goes, and customers can get their best possible rate. We also made clear to the energy companies that we expect that loyalty tax to be gone by 1 July next year with a down payment from 1 January. This is good news for Australian families, Australian small businesses. We know many of them are on standard offers, offers that haven't been negotiated where they've been paying an excessive loyalty tax in recent years, and we're determined to make sure that that's gone by 1 July next year. The energy companies are on notice but as I say, the very good news today is they will be leading an initiative to standardise comparisons, and make it easier for customers to get a better deal. We know many customers - 1.6 million customers - have got a better deal in recent months. We want to see more getting a better deal and we're determined to work with the energy companies, do what is necessary, but as I say the good news today is they've seen we're serious and they're beginning to act.

JOURNALIST: In your discussions with the energy companies, were they frustrated at the lack of certainty in achieving government policy?

ANGUS TAYLOR: I think they understand that we're serious. We want to see better deals for Australian families and businesses that have been suffering from higher electricity prices. We want to see that a better outcome - I think that's clear - and we're now seeing the industry starting to initiate the actions that are necessary to get Australian businesses and families a better deal.

JOURNALIST: But did you actually get any commitments from the retailers to cut the prices by 1 January?

ANGUS TAYLOR: We will go through a process over the coming weeks but we expect the loyalty tax gone by 1 July and a down payment on the 1 January. The companies are on notice. They understand our expectations and they're taking action also to make it easier for customers to compare offers. Look, the confusion impact, the confusion on customers from having an offer from one company which is completely incomparable with an offer from another - that has to stop. The ACCC made this point and the industry is now leading the process of getting rid of that confusion. It must go and it is good news that they realise we're serious about getting rid of it. They're taking quickly now to make sure that happens.

JOURNALIST: Is this industry-led initiative affecting the energy regulator's initiative to bring in a default or reference price?

ANGUS TAYLOR: Absolutely not. We will continue to work down that process. The point is that the industry is proposing to bring forward the reforms. That's what we want to see. We want to see these reforms happen as quickly as possible and that's going to be good for Australian families, Australian small businesses. We've got 20 per cent of Australian businesses on standing offers, un-negotiated offers. They are paying up to thousands of dollars more per year than they need to and we want to make sure they get a better deal.

JOURNALIST: The reference price won't in itself reduce prices. How do you intend to get a reduction?

ANGUS TAYLOR: For many customers it will. The truth of the matter is that many customers find the whole process of negotiating a better deal too confusing, too confusing. You have to sit there with a spreadsheet to get it right. This is too hard. We have to make it simpler and the industry will lead a process. If it's not good enough, we'll make sure it is, but they know we're serious and for that reason we see them taking the right steps.

JOURNALIST: Will you be shielding coal fired power plants from future costs of their carbon emissions?

ANGUS TAYLOR: We need to make sure there is enough supply in the electricity market across Australia to deliver affordable reliable power for all Australians. Now, we recognise that government has a role to play in making sure we get that affordable reliable power in place. I'll be speaking with the industry further in coming days about exactly this. The focus here though is not the fuel source. It's the reliability and the affordability - that's what must be delivered. As I say, we'll take what steps are necessary to make sure we have that reliable affordable power in place. The reliability guarantee is a big first step in that direction and there'll be more to come.

JOURNALIST: If the companies don't lower their prices by 1 January, will you have failed voters?

ANGUS TAYLOR: I'll tell you what, what would be disappointing here is the energy companies to continue to fail in delivering a good outcome to customers. We know customers haven't been getting the deal they deserve - the ACCC has told us that - and that's why we have said clearly to the energy companies we want to see the loyalty tax gone by 1 July with a down payment on 1 January. It is incumbent on them now to do the right thing by Australian consumers. The good news is there is a lot of goodwill in the room today to get this right. It is time to fix the problem. They realise we're serious and that's why they're prepared to act.

JOURNALIST: How committed are you to using a big stick approach in case the energy companies don't lower their prices?

ANGUS TAYLOR: We'll make sure that Australian businesses and families get the deal they deserve. If we have to use a big stick, we will. We will do what it takes. A crucial point here is that it is time for the industry to step up and deliver, and we had the first steps in that direction today and we're very pleased with that.

JOURNALIST: If wholesale prices are going up, aren't you risking squeezing retailers if they're being forced to reduce price?

ANGUS TAYLOR: Over the last couple of years wholesale prices have been coming down.

JOURNALIST: Over the last few months they've been going up.

ANGUS TAYLOR: Look, the truth of the matter is we're seeing record profits in the electricity sector. It's time now for customers to get a better deal, and I think Australian businesses and families understand that, and that's why we're here doing what we're doing today.

JOURNALIST: Just to check, did you get a firm commitment from the companies that they would lower prices on 1 January?

ANGUS TAYLOR: As I say, we've made clear what our expectations are. There will be a process over the coming weeks on standing offers, and we look forward to working with the companies to deliver a better deal. It is crucial now that Australian families get the deal they deserve. For too long we've seen energy companies not focusing on customers, even just getting the comparisons between the offers coming from customers standardised, so percentage discounts from one company is comparable with a percentage discount from another. That is a big step forward. The industry knows we're serious and for that reason I'm confident they'll be serious too.

JOURNALIST: Is the government prepared to take action on roof top solar subsidies? Something that really is actually pushing up prices for everyone.

ANGUS TAYLOR: We are very committed to getting the right balance in our electricity sector. This is not about any one fuel source - we want the full range of fuel sources in the sector. What we're seeing, which is great news, is the cost of renewable fuel sources coming down and as they come down of course we see the subsidies coming off. That's how the system works, that's how it set up now and that's the right balance to get a balance in our system that can deliver affordable reliable power that Australians need.

JOURNALIST: What do you say to those who argue that Australia leaving the Paris Agreement would automatically lower power prices?

ANGUS TAYLOR: We will reach out emissions targets in the National Electricity Market well ahead of 2030. We're going to see a 250 per cent increase in the solar and wind in that market in the next three years, an unprecedented growth. So the challenge here is to get the balance right, to make sure that we're still delivering affordable, reliable power as we used to. We have seen prices go up more than they should have and that's why we're determined to make sure they come down in the coming months and years.