| May 13, 2024

What Does A Smart Energy Budget Look Like?

The 2024-25 federal budget is the government’s chance to lay the foundations for Australia to be a renewable energy and critical minerals superpower.

A Future Made in Australia will be the key policy driver that helps get us there.

The Smart Energy Council knows Australians can and do make things here, but a major shift in public policy settings is needed to make that happen.

Let’s Make Australia Make Again.

Chief Executive of the Smart Energy Council John Grimes said “A smart budget is one that focuses on our ability to build and supply both ours and the world’s renewable energy and critical mineral supply chain.”

“Australia has many of the important ingredients we and the world need for this transition.”

“If we don’t make the shift, Australian renewables and critical minerals companies will seek opportunities elsewhere, relocating to areas with the right incentives and strong markets, and we will miss the economic opportunity of a lifetime.”

“Australia has long been a dig-and-ship economy; it’s an inefficient model, and outdated.”

“We produce a half of the world’s lithium, have nearly a third of its vanadium, and with our endless supplies of wind, solar and green hydrogen can produce the green polysilicon, green ammonia, green steel and green iron that the world wants and needs.

“For too long we’ve exported the world its energy problems, it’s time to start sending them climate solutions that will get us to net zero.”

“Australia can help the world by decarbonising iron and steel, and contribute to a seven per cent reduction in global emissions – more than our current carbon emissions.”

“The Australian renewables industry must have a Smart Energy Advanced Manufacturing Tax Credit, to counter the US-Inflation Reduction Act and China’s growing dominance, and to ensure Australian firms make smart energy products in Australia.

Advanced manufacturing production credits or tax credits should be applied to:

  • Solar manufacturing supply chain, from silicon and polysilicon value adding to solar panel manufacturing and assembling;
  • Battery manufacturing supply chain, from lithium mining value adding to battery manufacturing and assembly;
  • Renewable hydrogen and ammonia; and
  • Green iron and green metals.

“The Smart Energy Council applauds the Albanese government for recognising that a Future Made in Australia is the path forward.”

 

“This is what a smart energy future looks like. Let’s go!”

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