May 10, 2023

Budget 2023: a fizzle

Climate activist group Australia says the Albanese Government’s budget missed an opportunity to make Australia’s worst polluters pay.

Analysis of the May 2023 budget shows:

  • $41billion for the fuel tax credit over forward estimates
  • $6.7million for a “future gas strategy”
  • $5million for the Northern Bowen gas pipeline feasibility study
  • $170million for Northern Territory roads, largely servicing the gas industry
  • $14.3million for the Queensland resources sector
  • An undisclosed amount for the coal price cap
  • A weak change to the PRRT which will see just $2.4billion raised in additional revenue

350 Australia Senior Campaigner Shani Tager said: “The Albanese Government missed an opportunity with this budget to properly tax the gas industry and cut their handouts.

“Communities are doing it tough right across the country, there’s absolutely no justification to continue to subsidise the gas industry which is making eye-watering profits while fueling the climate crisis.

“This budget puts $6.7million to a “future gas strategy” when experts like the International Energy Agency are crystal clear that there is no future for new fossil fuel projects.

“Ending funding to fossil fuels is a basic step towards cutting emissions and it’s a real shame the government chose to stand still instead.

“There are a number of positive climate and energy measures in the budget but the overall emissions impact of continuing to subsidise the gas industry and retain the fuel tax credit overshadow them.

“The lack of transparency on the cost of the coal price cap is concerning and unjustifiable and questions remain about whether the billions for the Middle Arm petrochemical precinct are still on the table.