While renewables will benefit, market experts say the impact of the new government’s policies may not be as severe as expected for fossil fuel giants.
Sala Tenna believes this is an outlier position, and that LNG will be a critical transition fuel for the economy to shore up energy reliability. Most would also prefer a local company to control these LNG assets, adds the fund manager, rather than “some offshore party with a shaky record”.
“It’s all relatively benign. But, further down the line as the policy for the minor parties comes to the fore during negotiations, that could spell out some negative consequences for these industries,” Liu adds.Labor’s promises include: investing $20 billion in an “urgent” electricity grid upgrade to ensure it can carry more renewable power; co-investing $100 million with the private sector to build 85 solar banks nationwide; and investing $400 million to install batteries in 400 communities.
“The minimum wage decision in June will also influence greatly. It is a fine balance as any perceived wage spiral could only be met with faster and tighter monetary policy adjustment.” “Service industries where staff are on minimum wages could also be affected. There are some benefits for aged care [from Labor’s policies], but they will also face higher costs. It is a similar story for childcare.”– its biggest election promise in dollar terms – by extending subsidies to encourage families to use the sector.
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