Big investors with deep pockets have backed the government’s $22.7 billion Future Made in Australia scheme, but a political brawl could stall its development.
Giant superannuation funds have declared they are eager to start spending on local projects under the Albanese government’s $22.7 billion Australian manufacturing scheme, but the Greens have set up a political clash with threats to derail the key policy over public funding for fossil fuels.
“Unlocking investment at-scale into Australia’s energy transition can only happen if industry and government work together to achieve the right policy settings,” said David Whiteley, head of external relations for global infrastructure investment fund IFM Investors, with $218 billion under management.
Analysts have said the US Inflation Reduction Act could deliver up to $1.56 trillion in production credits for green products such as solar technology, and the European Union, Korea and Japan have also announced similarly ambitious schemes. “With Labor now backing coal and gas past 2050, this could be another coal and gas slush fund, with no guardrails to stop them tipping even more public money into fossil fuels,” Bandt said.“The Greens will continue to consider this bill, but we want to ensure everyone benefits from the mining boom 2.0, not just profit gouging big corporations, and that Labor stops opening new coal and gas mines.”
“Australia’s problem is that we neither have a big domestic market nor are geographically proximate to any big domestic markets,” he said. However, Eslake stressed he supported government spending to drive the switch in the energy grid from fossil fuels to renewables.
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