‘Not a good idea': Labor's unrealised gains tax slammed
Wilson Asset Management founder Geoff Wilson says the Albanese government's proposal tax on unrealised gains in 'not a good idea'.
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Sydney Morning Herald
4 hours ago
- Sydney Morning Herald
Tech giants warn Labor they need more than just sun, wind and batteries
Microsoft, Google and Amazon are urging the Albanese government to speed up the delivery of energy-storage projects that can guarantee around-the-clock power for data centres, after the Coalition's decisive election defeat shut the door on nuclear reactors. A boom in the number of data centres – buildings filled with racks of servers that store and transmit data for everyday online tasks – looms as one of the next tests for Australia's shift from coal to renewable energy because they require huge amounts of power to run and keep cool, meaning extra strain on the grid. As artificial intelligence applications become more widely used by the public and organisations, power usage to keep the data centres running continues to increase. Microsoft, Google and Amazon are among a group of industrial power users and clean energy developers stepping up their calls for the federal government's ambitious target of an 82 per cent renewable grid to be accompanied by another target: one aimed at fast-tracking projects with the capacity to store surplus power from the growing number of solar panels and wind turbines to cover the gaps when it's not sunny or windy. In a letter to Energy Minister Chris Bowen, the international group, known as the Long Duration Energy Storage Council, warns that a renewable grid is 'only as strong as its ability to deliver power when and where it's needed'. 'By embedding storage into the heart of the grid, Australia can move from variable renewable supply to 24/7 renewable energy on which communities and industries can rely across days, weeks and seasons,' said the letter, seen by this masthead. Microsoft and other technology companies in the United States are increasingly turning to nuclear power to help secure the 24/7 electricity they need to ensure reliable supply for their new data centres while maintaining their net zero emissions targets. Facebook and Instagram's parent company, Meta, last week signed a 20-year deal to secure nuclear power to help meet surging demand for AI, and a United Nations report out last Thursday said electricity consumption by data centres increased by 12 per cent each year from 2017 to 2023, four times faster than global electricity growth.
The Age
4 hours ago
- The Age
Tech giants warn Labor they need more than just sun, wind and batteries
Microsoft, Google and Amazon are urging the Albanese government to speed up the delivery of energy-storage projects that can guarantee around-the-clock power for data centres, after the Coalition's decisive election defeat shut the door on nuclear reactors. A boom in the number of data centres – buildings filled with racks of servers that store and transmit data for everyday online tasks – looms as one of the next tests for Australia's shift from coal to renewable energy because they require huge amounts of power to run and keep cool, meaning extra strain on the grid. As artificial intelligence applications become more widely used by the public and organisations, power usage to keep the data centres running continues to increase. Microsoft, Google and Amazon are among a group of industrial power users and clean energy developers stepping up their calls for the federal government's ambitious target of an 82 per cent renewable grid to be accompanied by another target: one aimed at fast-tracking projects with the capacity to store surplus power from the growing number of solar panels and wind turbines to cover the gaps when it's not sunny or windy. In a letter to Energy Minister Chris Bowen, the international group, known as the Long Duration Energy Storage Council, warns that a renewable grid is 'only as strong as its ability to deliver power when and where it's needed'. 'By embedding storage into the heart of the grid, Australia can move from variable renewable supply to 24/7 renewable energy on which communities and industries can rely across days, weeks and seasons,' said the letter, seen by this masthead. Microsoft and other technology companies in the United States are increasingly turning to nuclear power to help secure the 24/7 electricity they need to ensure reliable supply for their new data centres while maintaining their net zero emissions targets. Facebook and Instagram's parent company, Meta, last week signed a 20-year deal to secure nuclear power to help meet surging demand for AI, and a United Nations report out last Thursday said electricity consumption by data centres increased by 12 per cent each year from 2017 to 2023, four times faster than global electricity growth.
Sky News AU
5 hours ago
- Sky News AU
'Undefended': Defence expert Malcolm Davis' shock claim about key Australian bases, critical infrasturcture
A leading security analyst has made the shock claim many of Australia's key military bases and critical infrastructure is essentially "undefended". Malcolm Davis, a senior analyst at the Australian Strategic Policy Institute, warned the government risked leaving the nation exposed in the even of a conflict unless defence spending was rapidly raised to cover capability gaps. The Albanese government has come under increasing pressure to address shortfalls in the Australian Defence Force, including from the United States government. US Defence Secretary Pete Hegseth used a meeting with Defence Minister Richard Marles to demand the government raise outlay to at least 2.5 per cent of GDP, while other experts have pressed Labor to go as high as 3.5 per cent given the increasing risk of regional conflict. Speaking to Sky New Australia, Mr Davis noted China was expected to invade Taiwan within the coming decade, a move which would likely place the ADF in the firing line and necessitate robust defences in the country's north. The ASPI analyst claimed such defences were severely lacking at present, suggesting some of Australia's most vital assets were badly exposed. "Right at the moment, all our critical infrastructure in the north of Australia is essentially undefended," he said. "The government talks about building integrated air and missile defence systems, and they have developed the command and control system for that, but they don't have any missiles to shoot with. "They talk about possibly using a naval-based missile or an air-based missile, but those platforms have to be in the right place at the right time. "So the reality is that all that critical infrastructure of the north or the air bases such as RAAF Tindal, ports and other oil facilities and energy facilities are all undefended." In light of the "very clear threat" posed by China, Mr Davis urged the government to dramatically ramp up spending on defence in order to ensure the nation remains secure. "We need to go to a floor of 3.5 per cent of GDP on defence spending as soon as possible and that means not in 10 years, it means in a year or two," he said. Under Labor's current plan, spending on defence will not reach 2.5 per cent of GDP until some time after 2033 and there is no clear timeline to increase investment to three per cent or beyond. While Mr Davis acknowledged increased spending could not just "be money thrown at the Department of Defence", he argued smart investment into long-term resilience was vital. "That defence spend needs to increase our resilience against attack, that includes integrated air and missile defence systems," he said. "It needs to include sustainability and building sustainability for protracted war that could last months or years in our region and ensure that we can stay in the fight, a high intensity fight, for that period of time."
