PM rejects calls for national inquiry into high power prices

The Prime Minister Malcolm Turnbull says he will not support calls for a Royal Commission into electricity prices.

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Some in his party believe the threat of a commission will scare retailers into lowering prices.

But Mr Turnbull says Australia has already seen the worst of expensive electricity.Any proposal would need the support of the Labor Party.

But, although the Labor Party has been vocal in its support of a banking Royal Commission, it is unclear whether it believes one is needed for electricity prices.