National cabinet has reached an agreement on providing relief to households from rising energy prices.
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* The federal government will provide $1.5 billion for financial relief from power bills to households and small businesses.
* The money will be paid through state or territory governments, although it won't be direct cash handouts.
* The financial relief measures won't come into effect until the second quarter of 2023 and will be temporary.
* State and territory treasurers will formulate how their own relief measures will work for eligible households and businesses.
* A mandatory code of conduct will be put in place for gas companies over a 12-month period.
* Gas prices will be capped a $12 a gigajoule, with the consumer watchdog given extra powers to monitor and enforce the code.
* Federal parliament will be recalled next week in order to pass the changes.
* Coal prices will also be capped a $125 per tonne for a temporary period.
* Gas prices were tipped to rise 20 per cent this year and 20 per cent the year after, but the intervention will see prices instead rise by 18 per cent this year and four per cent the next year.
Australian Associated Press
