Queensland election 2017: Families to save $460 a year, says Nicholls

The average Queensland family will save about $460 a year on their power bills from 2020 under the Liberal National Party, leader Tim Nicholls has promised.

Queensland LNP leader Tim Nicholls, centre, during a visit to Glass House mountains residents Andrew and Naomi Pearce.

The average Queensland family will save about $460 a year on their power bill every year from 2020 under a Liberal National Party government, leader Tim Nicholls has promised.

From next year, the saving would be about $160 straight up — a threefold increase on the $50 cut to electricity bills pledged by Labor a week before the election began.

Speaking from a backyard in the Sunshine Coast electorate of Glass House, Mr Nicholls said his government would undertake major reform of the energy industry and create three electricity generators — up from two — in order to increase competition. That would lower wholesale electricity costs by 8.3 per cent, according to Queensland Productivity Commission modelling.

He said an average family would save $160 a year over the next two years. Further reform would see increased savings beyond that. “By getting rid of the renewable energy target, which is estimated to add another $200 to the bills, and by supporting the federal government’s national energy guarantee, which will save another $115, we will see those savings increase from 2020 onwards,” Mr Nicholls said.

He accused Labor of having a hidden tax on power prices and promised prices would be lower until 2032.

“Together with our other plans to freeze the bonuses of electricity company chiefs until we see those prices come down, to support with the private sector a new high-efficiency, low-emissions coal-fired power station in north Queensland … and together with our proposal to put consumer representatives on the boards of these companies, this will all act to drive down power prices for families and small businesses here in Queensland,” Mr Nicholls said.

The LNP leader blamed increases in power prices during the Newman government era, despite the promise to lower them, on “locked-in” policies of the Bligh government.

The reform would cost the budget $645 million over the next three years.

Glasshouse Mountains residents Andrew and Naomi Pearce, who offered up their backyard to Mr Nicholls for the announcement, said they would appreciate any help to ease cost-of-living pressure on their family of six. “It’s not too long ago that this ($200) was our quarterly bill. Now it’s monthly,” Mr Pearce said.