The dire state of Australia’s home electrical energy market, and our lack of funding in renewables, has been a multitude of our personal making, former Treasury secretary Ken Henry has stated.
Key factors:
- A “gas export windfall tax” would pull Australia’s home gasoline costs again down
- The tax charge on windfall income may very well be 100 per cent
- It would additionally help the economic system transition to renewable energy
Australia has additionally squandered its alternative to use its enormous home gasoline reserves as a transitional gasoline to shift our electrical energy system away from a heavy reliance on coal to renewables, he says.
“It’s been squandered through politicking — partly ideological, partly I think driven by personal ambition — and it’s put us in a very bad place,” he instructed the ABC this week.
“It’s too late to have the sort of reliance upon gas-fired power as a transitional fuel that we were imagining last century.”
Dr Henry, who was Australia’s Treasury secretary from 2001 to 2011, argued in 2004 that Australia ought to undertake a nationwide emissions buying and selling scheme.
In his 2010 Tax Review, he warned energy markets may change into unstable if traders weren’t supplied with adequate certainty to make long-term funding plans for renewable energy.
Now, wanting again, he says no-one concerned in energy policy-making within the late Nineteen Nineties and early 2000s may say that they did not see Australia’s present energy disaster coming.
But a gasoline export windfall tax may help to fix issues, he stated.
Australian policymakers blew it
Dr Henry spoke to the ABC following one of the vital tumultuous weeks in Australia’s energy coverage expertise.
Last week, the electrical energy system on Australia’s japanese seaboard was thrown into chaos as a scarcity of energy provide ran headlong into spikes in demand as individuals elevated their energy use throughout a extreme chilly snap.
Some fossil-fuel turbines had withdrawn an enormous quantity of capability from National Electricity Market, which worsened the forecast scarcity of electrical energy and prompted unprecedented regulatory intervention.
Gas export tax would help to fix Australia’s energy crisis, says Dr Ken Henry & More Latest News Update
Gas export tax would help to fix Australia’s energy crisis, says Dr Ken Henry & More Live News
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Gas export tax would help to fix Australia’s energy crisis, says Dr Ken Henry & More News Today
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