It would be a “fiscal lunacy” for Australia to compete with the hundreds of billions of dollars in cleantech subsidies Biden’s Inflation Reduction Act.
A global cleantech private equity group says it would be “fiscal lunacy” for Australia to compete with the hundreds of billions of dollars in cleantech subsidies being doled out under the Biden Administration’s colossal Inflation Reduction Act.
David Scaysbrook, managing partner of Quinbrook Infrastructure Partners, also urged state and federal governments to ensure their departments are “urgently” staffed-up to cope with the influx of applications. “That’s just fiscal lunacy in our view. But more strategically, more intelligently, look at what the US needs from Australia, look at them as a customer and a market, and look at it in its geopolitical context of creating alternative supply chains.”
In a briefing from Brisbane on Tuesday, Mr Scaysbrook said Australia has the critical minerals, solar and wind power to create a green supply chain of resources to supply manufacturers of solar panels, wind turbines and batteries.“But the [US and UK] have got one thing we don’t have … a streamlined permitting process.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia ‘behind the curve’ on tackling inflationThe only thing which “shields” Australia’s economy against world inflation is the exchange rate, says ANU Crawford School of Public Policy Distinguished Professor Warwick McKibbin. “What’s important is what’s driving inflation – the inflation is coming from overseas,” Prof. McKibbin told Sky News Australia. “The only thing that shields us against world inflation is our exchange rate, if our exchange rate, appreciated, rose in value, then inflation wouldn’t come into the Australian economy – we’re behind the curve on interest rates and so our exchange rate’s depreciating.”
Read more »
Albanese is seeking to ‘diversify’ trade links for a ‘more secure’ economyAustralia is seeking to “deepen and diversify” its trade links as Prime Minister Anthony Albanese travels to India with “one of the biggest and most significant” business delegations ever assembled in Australia. “By any measure, Australia is a better place because of our large, diverse and aspirational Indian-Australian community – the fastest growing group in Australia,” Mr Albanese said at a speech during the 2023 Business Summit on Tuesday. “In 2021-22, India was only Australia’s sixth largest goods and services trading partner … we can elevate that. “Our government is seeking to deepen and diversify Australia’s trade links, greater diversity in who we trade with and greater variety in what we trade.” Mr Albanese said this would mean the Australian economy would be “more resilient and more secure” with “one in four” Australian jobs relying on international trade as he expressed his determination to create more jobs in the export industry for the global expanse of Australian companies.
Read more »
RBA isn’t going to ‘avoid a recession’ if it thinks it needs to ‘push inflation down’Motley Fool Chief Investment Officer Scott Phillips says the Reserve Bank of Australia is not going to avoid a recession if the central bank thinks it needs to push inflation down. “I think we have this thought that the RBA will do whatever it can to avoid a recession – I don’t think that’s necessarily true, unfortunately,” he told Sky News Australia. “They will try to avoid a recession if they can, but, I think, if they’re faced with a recession or inflation, they will choose recession – not deliberately and not without other options.”
Read more »
‘A fiscal sinkhole’: NDIS to cost federal government more than entire defence budget annuallyThe NDIS is being described as a “fiscal sinkhole” as it will soon cost $60 billion a year to run, which is more than the entire defence budget, says Sky News host Peta Credlin. “The Coalition, in government, wanted to and establish in an objective vetting system, where access to the NDIS was controlled by the government and independent medicos, rather than by the clients' doctors, and other health specialists,” Ms Credlin said. “But in a furious reaction from Labor at the time, and the disability lobby, about so-called ‘cuts’, to a service where costs were actually exploding, so not being cut, well that meant this never happened. She questioned if its creator, Disabilities Minister Bill Shorten, has “the will” to “reign in the scheme” before public support for it erodes quickly.
Read more »
Interest rate rises: is there a less painful way for the RBA to curb inflation?The Reserve Bank of Australia’s monetary policy has been criticised as unfair and ‘too blunt’. But what are the alternatives?
Read more »
RBA expected to raise interest rates to 3.6 per cent to bring down soaring inflationThe Reserve Bank is widely expected to raise interest rates today by another 25 basis points, which would lift the cash rate to 3.6 per cent – the highest level since June 2012. Rates are forecast to keep rising over the next few months as the RBA tries to bring down the level of inflation in the economy.
Read more »