Latest news with #CapacityInvestmentScheme
Sky News AU
16-05-2025
- Business
- Sky News AU
Labor accused of 'sending the country broke' by chasing renewables targets, as report warns major delays mean Australia will fall well short
Liberal MP Andrew Wallace has accused the Albanese government of "sending the country broke" through its pursuit of renewable energy targets after a report found the nation was set to fall well short of Labor's goal. Global consultancy Wood Mackenzie issued a warning to the government earlier this week, publishing a report which found Australia would not reach Labor's ambitious goal of 82 per cent of renewables in the electricity grid by 2030. Major delays in the delivery of solar and wind projects instead has the nation on track to hit just 68 per cent by the end of the decade, 14 per cent lower then the target. According to the Clean Energy Council, over $9 billion worth of renewables projects secured financing in 2024, with the government investing significantly into ensuring infrastructure is developed. However, the significant cost of the investment has drawn criticism, with Mr Wallace using the report to question whether the nation was seeing a return on the spending of taxpayers' money. "Everybody knows that this government is not going to reach its targets," he told Sky News Australia. "We all know that you can't run a full-time economy with a part-time energy grid." Mr Wallace argued Labor's focus on battery production, as part of its plan to offset the intermittent production of solar and wind, was inadequate and claimed the lack of baseload power could compromise manufacturing, harming the economy. "Batteries are fine if you're gonna have a short-term drop-off in the grid, but the reality is you just can't provide, certainly can't, provide industry with the power it needs with batteries," he said. While Labor has sought to highlight renewables investment and increased use of its Capacity Investment Scheme as proof Australia is on track to meet its ambitious targets, most experts believe hitting the 82 per cent figure is not possible within five years. According to Wood Mackenzie, this could result in some of the nation's ageing coal-fired power plants being forced to continue operations for up to seven more years, further risking grid stability and doing little to lower the cost of power for households. Mr Wallace claimed energy bills could yet rise further, before asking what "the point" of the government's ambitious target was given the pressure it was placing on families and businesses. "We're paying $1,300 more a year in our energy bills and that is continuing to climb," he said. "There's been those sugar hits that are in the rebates that the Commonwealth provided, and the states also provided, but, you know, that cannot be continued long term. "The reality is that Australians are paying more for their energy costs, but paying more because we no longer have energy security. "If you can't have energy security then what is the point in having these targets that we are setting ourselves, which are sending the country broke?"
The Guardian
27-03-2025
- Business
- The Guardian
Dutton unveils gas reservation scheme and vows to sack 41,000 public service workers in budget reply
Peter Dutton has vowed to establish an east coast gas reservation scheme to lower power prices and sack all 41,000 federal public servants hired under Anthony Albanese if he wins an election billed as a 'sliding doors moment' for the nation. The opposition leader used his budget reply speech on Thursday night to claim Australia's prosperity would be 'damaged for decades' if Labor was returned to power. The speech locked in the battle lines for the election, which the prime minister is expected to call on Friday morning for a vote on either 3 May or 10 May. Sign up for Guardian Australia's breaking news email A Friday morning announcement would overshadow Dutton's speech and allow Albanese to leverage Tuesday's budget – including its $17.1bn income tax cuts – to launch his re-election bid. After opposing and vowing to repeal Labor's $10-per-week income tax cuts, Dutton on Thursday committed to halve the fuel excise for 12 months, which he claimed would save motorists $14 per week. As widely expected, Dutton announced a 'national gas plan' that would include an east coast reservation scheme requiring LNG producers to set aside more supply for domestic use. Gas reservation schemes already exist in Queensland and in WA. 'This will secure an additional 10 to 20% of the east coast's demand – gas which would otherwise be exported,' he said. 'Gas sold on the domestic market will be decoupled from overseas markets to protect Australia from international price shocks'. A Dutton government would also allow Labor's renewables-focused Capacity Investment Scheme to invest in gas projects, allocate $1bn for gas infrastructure and impose 'use-it-or-lose' rules for gas drilling companies. 'This plan will deliver lower wholesale gas prices which will flow through the economy,' Dutton said. After weeks of mixed-messaging about the scale of the Coalition's planned cuts to the federal public servants, Dutton confirmed all 41,000 positions created under Labor would be culled. He said the mass sackings would save the budget $7bn a year 'once in place', and more than $10bn over the forward estimates. Dutton claimed frontline positions would be spared and promised the Coalition would invest in essential services such as health, aged care, the NDIS, defence and veterans 'in line with the national interest and public expectations'. The assertion will be vehemently contested by Labor, which ahead of Thursday's speech, warned welfare recipients could wait weeks, or even months longer for payments if roles at key agencies were axed. Dutton recommitted to cutting permanent migration by 25% – a promise he made in his 2024 budget reply – to help free up housing. He did not detail targets for net overseas migration, which is forecast to fall from 335,000 this year to 225,000 in 2026-27, under projections in Tuesday's budget. There were no new policies to boost housing supply. The opposition leader did not reveal a figure for defence spending after the Albanese government promised funding would grow to beyond 2.3% of GDP by 2034. However, Dutton flagged an announcement during the campaign that would exceed Labor's target, as Australia faces pressure from the Trump administration to boost military spending. 'During the election campaign, we will announce our significant funding commitment to defence,' Dutton said. 'A commitment which – unlike Labor's – will be commensurate with the challenges of our times.'
