High energy prices are causing Australia to deindustrialise. Earlier this month mining giant Glencore’s chief Peter Freyberg’s called for the abolishment of the renewable energy target, stating “If heavy industry is to continue operating in Australia, it will have to be exempted as it is currently bearing the brunt of the crisis given the high percentage of energy within its overall cost structure,”

Over the last decades Australia’s energy prices have gone from being among the cheapest in the world to some of the highest, yet many of Australia’s competitive export industries are dependent on cheap energy.