Abbott: RET adding 'significant price pressures'

By a staff reporter

In a press conference today about assisting the manufacturing sector in light of the closure of Holden, Prime Minister Tony Abbott was asked about the review of the Renewable Energy Target.  In response he said it was inducing, “pretty significant price pressures”. He then went on to say that Australia had few competitive advantages in manufacturing other than energy, stating, “we should be an energy superpower...cheap energy ought to be one of our comparative advantages”.  

Industry Minister Ian Macfarlane also commented that with coal fired power stations operating well below capacity there was a need to review a scheme that would induce further additional supply into the electricity market.