Malcolm Turnbull is taking steps to get Australian power companies to take their foot off the gas in terms of rising power bills.
However, the prime minister could not give a guarantee when consumers and business would see the hip pocket impact of new regulations and legislation, saying "time will tell".
One of the key drivers of higher power prices has been the price of gas, partially due to a shortage of east coast domestic supply.
Once the shortfall in supply is worked out, the government will begin finalising regulations to restrict gas exports on July 1.
Mr Turnbull said wholesale gas prices would come down in the immediate term, but "how they translate into retail prices or prices for industrial users is another thing".
He blamed the previous Labor Government for granting too many gas export licences.
