Australia cannot come close to matching the massive US climate subsidies. The response should be to remove self-imposed handbrakes on productivity, investment, and global competitiveness.
The call by Australia’s big business lobby for a “reinvigorated and contemporary industry policy” strikes a jarring note in a country whose modern prosperity rests on free and open global trade and its international comparative advantage as an efficient exporter of natural resources.report confronts the reality that Australia’s fossil fuel sources of wealth in iron ore, coal, and gas are likely peaking in a world headed towards net zero emissions by 2050.
There is a lot of protectionist “old-think” about Labor’s ambitions for Australia to become a renewable energy “superpower”The Business Council’s call for an industry policy focused on “precincts of significance” in areas of obvious national strength seeks to put a sharper strategic point on Labor’s $15 billion advanced manufacturing National Reconstruction Fund.
There is also a lot of protectionist “old-think” about Labor’s ambitions for Australia to become a renewable energy “superpower”, as former Productivity Commission chair Gary Banks warned last week, including wide-eyed talk about establishing a local battery manufacturing industry.With its vast windswept coastlines and sundrenched plains, Australia does have the opportunity to become some sort of “clean energy superpower”.
The risk now is that existing energy-intensive manufacturing industries such as aluminium smelters -- attracted here by cheap coal power – will close down by the end of the decade without cheap firmed renewable power.
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