The government has failed to invest in sufficient transmission and storage services that are necessary to secure the supply of lowest cost renewable energy resources around Australia. Many of the best renewable energy resources are in rural areas, where the communities will benefit greatly from their construction, operation and maintenance for years to come.
With a supportive policy environment, businesses could be contracting for the construction of these assets now. This would ensure that Australia’s transition to a clean energy future will be cheaper than if the economic return and timing of such investments remains uncertain.
These assets should be able to generate a return for the taxpayer in excess of government funding costs. The government should be using its balance sheet wisely to ensure that innovative, low cost, clean power solutions are developed rapidly, as this will drive down power prices, reduce carbon emissions and allow communities, businesses, the environment and consumers to all benefit.