Australia’s PM Albanese announces price cap for gas and coal on Friday

Australian Prime Minister Anthony Albanese announced on Friday, a A$1.5 bln bill relief support for businesses and households on energy.

Additional takeaways

Announces price cap for gas at A$12 per gigajoule for 12 months.

 Parliament to be recalled next week.

Australia to set price cap for coal at A$125 per tonne.

Bill relief to begin Q2 2023.

Price caps on coal and gas to apply for 12 months.

Market reaction

The fiscal announcement by the Australian Prime Minister fails to impress the AUD bulls, as AUD/USD keeps its range close to 0.6800, adding 0.35% so far.