Businesses and households enduring sky high energy prices can expect a solution by the end of the year.
Treasurer Jim Chalmers said the government would discuss energy prices with manufacturers and other businesses, with a view to pulling the trigger on regulatory intervention in the energy market before Christmas.
"There's a lot of complexity here, there are a lot of considerations to weigh up, we have made it very clear that we are interested in a temporary, meaningful, responsible, sensible intervention in the energy market to help to take the sting out of some of these high energy prices," Dr Chalmers told reporters in Canberra on Monday.
"We will have more to say about that before the end of the year."
The government has been investigating big stick solutions to the looming energy crisis since October's budget forecast electricity bills soaring by a combined 50 per cent in the next two financial years.
Gas prices are also expected to surge.
Manufacturers are concerns massive spikes in their gas contracts could be enough to put them out of business.
Several options are under consideration to ease energy prices, including a price cap on gas.
There has also been speculation about a super profits tax on gas and thermal coal but the prime minister has previously dismissed this option.
Dr Chalmers said high energy prices were a consequence of the war in Ukraine and inaction by the previous government.
"The war in Ukraine is causing havoc with energy markets worldwide, we've had a decade of denial and delay from our predecessors which has meant more energy capacity has come out of the system than gone in and that has made us more vulnerable to these international shocks," he said.
