Federal Budget 2023: Climate change and policy changes
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Treasurer Jim Chalmers didn’t mention the words “climate change” in his speech to parliament but the Budget measures dedicated to it are focused mainly on the two aitches: homes and hydrogen.
One billion dollars has been allocated for low-cost loans to enable upgrades to “largely inefficient” Australian homes – slashing bills for owners, as well as emissions in the electricity sector for the government.
The loans will enable homeowners to upgrade their dwellings with solar panels, double glazing and other measures.
A further $300m will be directed towards improving the energy efficiency of social housing – the Australians who can least afford solar panels but who would benefit most from having them.
The budget papers serve up some blunt truths about Aussie homes, stating they are “largely inefficient” and revealing the country ranks 58th in a list of 63 countries when it comes to energy use per capita.
Boosting a one-star home to a three-star rating can reduce energy bills by around 30 per cent, while upgrading a dwelling from three stars to five will save another 20 per cent, according to the budget papers.
Small businesses will also be encouraged to become more energy efficient, with a new deduction available to help up to 3.8 million firms upgrade their facilities.
In another budget measure already announced, the Nationwide Housing Energy Rating Scheme, which currently covers new builds, will be expanded to encompass all homes: an innocuous measure in 2023, perhaps, but one which could create energy efficiency benchmarks for our homes in future years.
The budget allocates $4bn with the aim of making Australia a “renewable energy superpower”, including $2bn for a new “Hydrogen Headstart” program.
The measure has been designed to partially counter the massive investment incentives provided in the US through President Joe Biden’s Inflation Reduction Act.
“Australia’s biggest opportunity for growth and prosperity is the global shift to clean energy,” Dr Chalmers said in his budget speech.
“By acting now, our resources, our researchers and our regions can help power the world.”
An additional $38.2m has been allocated for a Guarantee of Origin scheme, so the makers of expensive green hydrogen (produced by renewables) are not undercut by those who produce hydrogen via cheaper but more polluting methods, such as burning coal or gas.
Environmental advocates are sure to welcome $121m for the establishment of Environment Protection Australia, tasked with enforcing environmental laws, while $200m will be provided for disaster mitigation efforts such as levees, seawalls, drainage systems and bushfire risk-
reduction projects.
Other key environmental allocations in the budget include $845m for enhanced biosecurity efforts, $355m for national parks, $118.5m to improve local waterways, and $302m to help farmers transition to slash their emissions and strengthen agricultural sustainability.
And it’s small change in a budget sense, but greenies are sure to cheer an additional $4.3m, allocated to bolster ASIC’s enforcement action against corporate greenwashing.
Originally published as Federal Budget 2023: Climate change and policy changes
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