Chalmers blasted “economic insanity” behind the opposition’s assumption that the country will be using 40 per cent less electricity by the middle of the century.
The Australian economy would lose $4 trillion by 2050 under the Coalition’s nuclear power policy, Treasurer Jim Chalmers has warned, as he blasted “economic insanity” behind the opposition’s assumption the country will be using 40 per cent less electricity by the middle of the century.
The Coalition’s modelling for its nuclear energy policy, completed by Frontier Economics and unveiled on Friday, has claimed Dutton’s plan will cost $331 billion by 2050.This is 44 per cent less than the consultancy believes Labor’s energy policy would cost, due to much cheaper nuclear plant prices than many other countries have faced., and relies on millions of Australians not installing rooftop solar panels or driving electric vehicles.
Australia’s gross domestic product was $2.61 trillion in 2023-24, meaning the Coalition’s modelling sacrifices 1½ years’ worth of output. Chalmers said the nuclear debate would be a “big feature of the election campaign” as people went to the ballot box with a choice between Labor’s plan – which relies heavily on renewables firmed by gas, storage and hydro – versus what he called “economic insanity and slapstick comedy with serious consequences” in the Coalition’s plan.
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