Rewiring initiative set to “drive down power bills”
Non-profit electrification advocate Rewiring Australia said that election result paves the way for meaningful commitments, such as the home battery subsidies made by Labor, to be implemented. The 30 per cent government subsidy, which is set to come in in July, “is good policy, which is going to drive down power bills. Upfront costs are a big barrier to entry when it comes to home batteries, so knocking 30 per cent off the price of installation is a great step in the right direction,” said the group’s Founder and Chief Scientist, Dr Saul Griffith said. Rewiring Australia also expressed relief that existing policies supporting the adoption of electric vehicles, including the electric vehicle Fringe Benefit Tax exemption and the New Vehicle Efficiency Standard, are no longer under threat.
“Historic opportunity” presented to reshape industry
Labor’s “unexpectedly decisive victory over the politics of grievance” presents a historic opportunity “to double down on its vision” in a second and perhaps third term, according to UTS Emeritus Professor Roy Green. “Although not figuring largely in the election campaign, it’s increasingly recognised that a major reboot to science, technology and innovation will be critical to Australia’s sovereign capability in a troubling geopolitical environment,” said Green. “This is not just about globally competitive investment in R&D, important though that is, but the complex task of addressing Australia’s narrow and outdated industrial structure, based on the export of unprocessed raw materials. The development of knowledge-driven industries and services, including those adding value to our abundant resources, is essential to dealing with the interconnected challenges of productivity, energy transition and living standards.” He added that the Future Made in Australia plan gave foundation for the delivery of ambitious structural change, “and hence for long-term growth and jobs,” but initiatives will also need a coordinating focus in government.
Result shows electorate wants policies addressing climate change
The provided “a clear and unequivocal message”, according to businessman Andrew Forrest. Australians will back policies recognising “the economic opportunities which come from acting on the existential threat of climate change” he said in a statement from iron ore and renewable energy company Fortescue. “It shows that any party which seeks to govern this country must have a serious and credible plan to confront the climate crisis,” adding “In a turbulent world, Australia remains a strong, principled and pragmatic voice. We must now use that voice to back science, seize the green energy opportunity, and strengthen our role in the world with compassion, ambition and purpose.” Forrest said policies — which stand to benefit Fortescue — including the Future Made in Australia plan, the Capacity Investment Scheme, the Hydrogen Production Tax Incentive and the Green Iron Fund “provide a strong foundation for a green energy future.”
Win is “welcome news” for the hydrogen industry
Hydrogen industry representative the Australian Hydrogen Council (AHC) said that the win “is welcome news for the hydrogen and derivatives industries in Australia,” and affirmed policies including the Future Made in Australia agenda. CEO of the AHC, Dr Fiona Simon, said voters made a clear choice. “This choice affirms key policies such as the Future Made in Australia agenda that recognises the importance of hydrogen and its role in the production of derivatives such as green ammonia and methanol, green iron and alumina,” according to Simon. “This election result paves the way for a new term that builds on the strong foundations set by the Albanese Government in its last term including the launch of the National Hydrogen Strategy, and legislation of hydrogen production tax incentives. Our industry is pre-commercial, and in the absence of carbon pricing, government support is essential to reduce the commercial gap for hydrogen, grow national and regional capabilities and boost our energy system resilience and fuel security.”
AusBiotech calls for “renewed national focus on life sciences”
Life sciences industry body AusBiotech said it welcomes the re-election, and the opportunity “to continue working in partnership” to advance an innovation-driven economy “while deepening a whole of government focus on Australia’s life sciences sector at this critical juncture.” CEO Rebekah Cassidy said: “Now is the time to address the long held and stubborn challenges that have held Australia’s life sciences sector back. We need bold leadership and whole of government prioritisation, as we have seen in peer global markets… “To unlock the full potential of Australia’s life sciences industry, a whole-of-government approach is essential, starting with the establishment of a National Life Sciences Council as a strategic partnership between industry and government. This partnership is critical not only to address the challenges of a rapidly evolving global trade environment but also to drive a cohesive, long-term national strategy for the sector.”
CRA welcomes focus on nation-building policies
Cooperative Research Australia has said it look forward to continuing a strong engagement with the government “to advance Australia’s R&D and innovation agenda, and to ensure that R&D continues to deliver real and lasting outcomes for the nation”. CRA said the nation’s innovation future “is inextricably tied to the strength of programs that enable collaboration between research and industry”, particularly the Cooperative Research Centres (CRC) Program. The program “is a shining example of what works in Australian innovation policy,” said Jane O’Dwyer, CEO of CRA. “It’s collaborative, nationally coordinated, mission-driven, and industry-engaged – and it continues to enjoy strong bipartisan support for good reason.” CRA added that it welcomed the government’s focus on “building national capability and securing future-facing industries through initiatives such as the Future Made in Australia and the National Reconstruction Fund, among others.”
New government “should focus on three Rs”
Australia’s largest accounting body, CPA Australia today, encouraged the re-elected government to seize its renewed mandate to revitalise, reform and repair the Australian economy. CPA Australia CEO Chris Freeland said that, amid so much global uncertainty, the government should implement a long-term strategic plan to improve Australia’s economic prospects. “The Albanese Government should revitalise business through improved policy development and consultation, removing regulatory burdens and barriers to growth, while inspiring more Australians to have a go themselves,” said Freeland. “The government also has an opportunity to use the next parliament to reform tax policy, with a plan to reduce bracket creep and Australia’s dependence on personal income tax.” He added that the government “should also now focus its efforts on repairing the national Budget and bringing the deficit under greater control.”
Voters trusted government at time of immense challenges
The Labor Party achieved a clear election, held at a time of increasing economic and geopolitical uncertainty, said national employer association the Australian Industry Group. “The re-elected government will need to deal with our current national economic and security challenges, which have become increasingly complex. The challenges for Mr Albanese’s new government will be immense,” said Innes Willox, Chief Executive. “This is the toughest time in a generation to be a business. The economy is growing at its weakest pace since 1991, when Australia was last in recession, with only surging public spending keeping our head above water.” Willox said that there had been 151,000 established businesses close last year, and the issue of increasing productivity, “which will ensure future Australians have better living standards and higher wages, must be a national priority.”
Albanese must act on resilience
Graeme Evans, the Regional Vice President AUNZ of ERP software company Epicor, has said the newly-re-elected federal government should “stick to the promises they made in the previous term and also negotiate a solid global tariff deal for the manufacturing and distribution industry.” In a statement on Monday, Evans said Labor “has pledged to continue funnelling more money into its Future Made in Australia plan – with investment including $1 billion in grants for supporting green iron production and $2 billion in grants to support aluminium smelters to switch to renewable electricity – which we support”. He added that it must “continue to invest” in onshore production, “have robust procurement requirements in place for projects involving steel and aluminium, as well as negotiate a fair manufacturing and distribution agreement with the US.”
Picture: credit Australian Labor Party
