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The solution to our cost of living, energy and national security and future economy challenges is the rapid move to clean energy. There is simply no economic argument not to ramp up, get allocated funds out the door and prioritise electrification, green industry and transport.
Sadly, this budget provided no step-up in capitalisation of public funds for clean energy – key foundations for catalysing and de-risking new clean technologies and renewable energy development. Instead, the Government maintained its $19 billion+ in fossil fuel subsidies, backing in the sector while the Petroleum Resource Rent Tax (PRRT) take is eroding.
While the Government has shown courage in starting to fix distorting housing market policies with the Capital Gains Tax (CGT) and negative gearing reforms. Sadly we did not see the same courage in leading the clean energy shift in the midst of a global fossil fuel crisis.
The Government has missed a once-in-a-generation opportunity to secure billions in new revenue while gas exports peak, something most Australians are demanding as we watch largely foreign owned multi-nationals gas companies profit from our natural resources without paying their fair share.
The budget cuts of $1.3bn from Future Made in Australia creates a cloud of uncertainty which are being compounded by changes to CGT regime which will deter investment in the renewables sector and the failure to provide support to help electrify the freight and transport sectors.
Global capital has read the room — in response to the Middle East oil crisis, institutional investors, infrastructure funds and clean energy developers are moving billions into renewable energy and green industrialisation markets worldwide. The failure to seize the moment means that Australia is deterring this investment, not attracting it.
The Climate Capital Forum calls on the government to reset the conditions for investors to support Australian clean energy and climate solutions.
Moving quickly to reform the superannuation performance test would unlock some of the trillions in Australian super funds for investment in our own decarbonising innovators and help build our future economy.
Getting the clean energy funds out the door faster is an imperative. The Government’s role is to mobilise that capital – this demands leadership to remove bottlenecks and create clear market signals.