Australia could potentially waste another industrial boom

Australia’s renewable energy endowment means that there is likely to be a boom similar to that of the mining industry in the early 2000s, writes Tim Cornwall. THE MINING BOOM of the early 2000s was horribly wasted by the Howard Government. Over the next few decades, to the chagrin of the current Australian Government, the economics of renewable energy will render the fossil fuel industry obsolete. As detailed by Ross Garnaut among many others, Australia stands to gain the most from this transition and stands to lose the most from delaying it. As the transition inevitably occurs, however quickly or slowly, we should learn the lessons from our last industry boom. Will we allow the profits to be siphoned to tax havens or take advantage to build a better Australia?

Australia could potentially waste another industrial boom