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Australia news live updates: price cap ‘incentivising’ generators to withhold power, energy boss says; airport mask rules to ease

Sarah McNamara says price cap ‘incentivising’ generators to withhold power; Fair Work Commission to hand down review of minimum wage as RBA governor warns inflation could hit 7%; airport mask mandates to be eased. Follow updates live * Albanese enjoys post-election approval boost last seen with Kevin Rudd * Bunnings, Kmart and The Good Guys using facial recognition technology to crack down on theft * Get our free news app; get our morning email briefing South Australian Premier Peter Malinauskas is urging the federal government to intervene in the energy crisis gripping the east coast, saying the situation is a result of a “market failure on a grand scale.” Malinauskas was speaking to the ABC, and said his government were investing $600m into a hydrogen power plant to ensure the state has a “stable and secure” energy source. We are witnessing market failure on a grand scale …across the national electricity market in a way that I think a range of policymakers should be deeply ashamed of. We are in a first world country that is energy rich, and the fact we’ve now got Australians being told to turn porch lights off to keep the system going, I think that is somewhat of an embarrassment. We’ll do what’s necessary to get inflation back to 2-3%. It’s unclear at the moment how far interest rates will need to go up to get that. I think by the end of the year inflation will get too close to 7%, and we need to chart a course to bring it back down. Continue reading...

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