The Albanese government and Treasury leadership under Jim Chalmers may have revolutionised the ethos of Australia’s green property industry in a few unusual hours on Tuesday night.
The Australian Federal Budget for 2023 has just been released. The budget includes a range of measures that aim to reduce emissions, improve energy efficiency, and invest in renewable energy sources.
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Transform Australia into a “renewable energy superpower”
According to Mr Chalmers that night, “This Budget allocates $4 billion to realising our future as a renewable energy superpower.
“Bringing the Government’s total investment to more than $40 billion.
“This includes part of our $15 billion National Reconstruction Fund, to support the development of green industries, manufacturing and more.”
$1bn for household energy upgrades fund to install energy-saving measures
It has been announced that homes and buildings will be offered $1bn of help to install energy-saving measures.
The budget will include incentives for households to help provide low-cost loans for double-glazing, solar panels and other energy-efficient technologies, such as battery storage. These measures are expected to reduce household energy bills and decrease carbon emissions, making a significant contribution to Australia’s target of net-zero emissions by 2050.
Mr Chalmers said, “That will make homes easier – and cheaper – to keep cool in summer and warm in winter”.
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$2bn on the New Hydrogen Headstart program
The budget also includes funding for research into new energy technologies, such as hydrogen that can be used to power homes and electric vehicles. This research will help ensure that Australia remains at the forefront of innovation in the energy sector and can transition to a low-carbon economy.
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“We are investing $2 billion in a new Hydrogen Headstart program, so Australia can be a world leader in producing and exporting hydrogen power,” Mr Chalmers said.
“Hydrogen power means Wollongong, Gladstone and Whyalla, can make and export everything from renewable energy to green steel.
“Seizing these kinds of industrial and economic opportunities will be the biggest driver and determinant of our future prosperity.”
The investment in hydrogen technology is particularly exciting, as it has the potential to revolutionise the energy sector by providing a clean, versatile, and scalable source of energy. Australia is well-positioned to become a global leader in this field with its abundant renewable resources. The funding commitment will help drive the development of a thriving hydrogen industry.
Hydrogen energy at a glance
Hydrogen energy is a clean and renewable energy source that is gaining momentum in Australia. It is produced by splitting water into hydrogen and oxygen using renewable energy sources such as solar and wind power. The hydrogen produced can then be used as a fuel for vehicles, homes, and industries. The benefits of hydrogen energy are significant as it produces zero emissions and does not contribute to climate change, making it an ideal alternative to fossil fuels.
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$14.6 billion in cost-of-living plan
The Energy Bill Relief Fund, which will provide direct aid to qualified individuals and businesses to alleviate bill shock caused by drastically rising electricity costs, is part of the $14.6 billion short-term cost-of-living package.
Mr Chalmers said, “More than 5 million households will have up to $500 deducted from their power bills in the next financial year.”
A $500 energy bill relief payment will be made to qualifying households to alleviate the financial load on Australians struggling with high power bills. However, eligibility for this payment differs depending on where you live, as each state has its own set of requirements.
Small businesses that qualify will receive up to $650.
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Announcement welcomed by the Clean Energy Council
The Clean Energy Council, a peak body representing Australia’s renewable energy sector, has warmly welcomed the announcement.
Quotes attributable to the Clean Energy Council Chief Executive Kane Thornton:
“There’ll be more to do in the coming months and years to deliver Australia’s clean energy transition and realise our nation’s clean energy superpower ambitions.
“The Clean Energy Council will continue to work collaboratively with the Australian Government to help make this a reality.
“This budget has the building blocks to keep Australia in the clean energy investment race and balances cost of living relief for small businesses and households through clean energy and energy efficiency.
“These are concrete steps in building the foundation to accelerate the clean energy transition.
Help to drive economic growth in the renewable energy sector
The investment in energy-saving measures and renewable energy sources in the Australian Federal Budget for 2023 is a positive step towards addressing climate change and protecting the environment. This is also part of the government’s efforts to address climate change, protect the environment, and encourage the adoption of renewable energy. It will provide households and businesses with the support they need to adopt renewable energy technologies and reduce their carbon footprint.
The investment will also create new jobs and opportunities for Australians and help to drive economic growth in the renewable energy sector. Overall, this is a significant and welcome investment in Australia’s future.
Source&Images: 9news video, Jim Chalmer MP Twitter, Clean Energy Council
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