Tag: Short Term Thinking

LNP Economic Management, LNP Government, Uncategorized

A Savage Call: energy tsar calls time on Australia’s gas cartel – Michael West

Clare Savage, AER

The Government and its Covid Commission are pushing a $6 billion gas pipeline while new energy regulator, Clare Savage, calls into question the future of the gas networks. Meanwhile Australians still pay more for gas than customers overseas pay for Australian gas. Michael West reports on the momentous upheaval in energy.

It is one short sentence but a sentence with remarkable implications for the nation:

“If not, the economic life of the assets could be limited.”

The new chair of the Australian Energy Regulator, Clare Savage, is saying that if the gas transmission networks do not convert to hydrogen, these assets may be stranded; that’s many billions of dollars in gas pipelines stranded.

“She is calling time on a multi-billion dollar industry,” says energy analyst Bruce Robertson.

The candid assessment from Clare Savage is even more remarkable considering the Government, with the connivance of its Covid-19 Commission, is pushing plans to build a $6 billion gas pipeline from Western Australia to the East Coast.

via A Savage Call: energy tsar calls time on Australia’s gas cartel – Michael West

LNP Government

‘Staggering’: $90 billion lost in resources tax

What Abbot’s “No Mining Tax” has cost us

An Oxford University expert says Australia would be $90 billion better off if it adopted European-style resource tax policies and argues the Turnbull government has given up on collecting a meaningful amount of revenue from some of its most valuable resources.

In one of a suite of new submissions to a Senate inquiry, Oxford Institute for Energy Studies academic Juan Carlos Boué warned unless Australia “radically overhauled its fiscal regime” it would have the second lowest share of government revenue from oil and gas in the world.

Australia is on track to eclipse Qatar as the largest exporter of gas by 2020, but is expected to only earn $600 million in 2018 – the same amount of revenue the government earns in beer tax every year – compared to Qatar’s $26.6 billion.

via ‘Staggering’: $90 billion lost in resources tax

Politics

Mike Cannon-Brookes warns Atlassian may move headquarters from Australia

Tech billionaire Mike Cannon-Brookes has said the federal government migration policies may force his software company Atlassian to move its global headquarters away from Australia to attract talent.

via Mike Cannon-Brookes warns Atlassian may move headquarters from Australia