Just what is this Fuel Tax Credit thingy?

And why is it Australia's biggest (and rapidly rising) fossil fuel subsidy?

Glad you asked! A thread based on Australia Institute's new report: australiainstitute.org.au/report/austral…

A primer on the politics of carbon capture and storage
theshovel.com.au/2024/05/14/new…

'The Government's not actually getting to the root cause of the big problems.

'But what they're clearly trying to do is spread a lot of cash around to help those struggling with cost of living.'

-Executive Director Richard Denniss
The Today Show Richard Denniss #auspol #Budget2024

Not all subsidies have $’s attached to them in the budget…

When the government promises to take on the costs of the failure of carbon capture projects thats a subsidy

eg, if I promised to buy you a new car if you crashed yours thats a subsidy to you
#auspol #climate

Cutting the price of medicine and electricity will lower the CPI. Indeed it would be good to cut HECS & make childcare free as well. Those saying ‘you cant subsidise your way to low inflation’ are wrong. A good way to deal with one off price shocks is one off price cuts #auspol

It's easier for politicians to talk about a general problem like 'cost of living,' than why wages for low-income earners aren't keeping up with the price of essentials.

#auspol Richard Denniss

“The Free Speech Union is excited to announce two events in Melbourne…”

*disables replies*

Brilliant. 10/10 comedy. No notes.

No change to JobSeeker in #Budget24 means those receiving unemployment assistance are living almost $225 a week below the poverty line.

Great analysis from Greg Jericho, read:
theguardian.com/australia-news…

Remember when the Minister for Climate Change Chris Bowen said the private sector had to 'go it alone' on carbon capture and storage?
(this doesn't include the leg/policy support the govt has already given to ccs since 2022)
#auspol #climate #Budget2024
afr.com/companies/ener…

The biggest fossil fuel subsidy - the fuel tax credit scheme, is set to rise each year, to over $12bn in 2027-28.

Meanwhile, spending on renewable energy drops right off, to less than $1bn in 2027-28.

Budgets are about choices. 🤷

#Budget24 #auspol

'The gas industry is going to pay less tax, less Petroleum Resource Rent Tax.'

'They've downgraded by over $3 billion the amount they’re expecting to collect from the gas industry.'

Senior Economist Matt Grudnoff
Matt Grudnoff Greg Jericho #auspol #Budget2024

There are good things in tonight's #Budget24 , but there are just worse things happening to Australians out there.

In this budget, fossil fuel subsidies dwarf renewable spending.

'They're not addressing the big problems,' says Richard Denniss.

Government: 'Uncertainty about the physical impacts of climate change and the global transition to net zero emissions poses risks to the fiscal outlook.'

Also Government: FUTURE GAS STRATEGY AND FOSSIL FUEL SUBSIDIES FOREVERRRRRRRRRR

#climate #auspol #Budget2024

Also good to see $12 million for the Australian Associated Press (AAP) .

As Anna Chang wrote last year, Australia’s only independent newswire plays a critical role in the health and independence of Australia’s public interest journalism.

#budget2024 #auspol

australiainstitute.org.au/post/funding-c…

The ABC still hasn’t recovered from the Coalition’s spending cuts.

#Budget2024 shows no increase in staffing levels for the nation’s most trusted broadcaster.

Compounding cuts to the ABC have set it back by hundreds of millions of dollars.

#auspol

'This Budget seemed to have two goals: help with the squeeze on households and reduce the CPI back into the RBA's target band.'

- Chief Economist Greg Jericho
Greg Jericho #auspol #Budget2024

Australia is one of the richest countries in the world but our budget choices make us poorer. We still collect more from HECS than from the Petroleum Resource Rent Tax. We still spend more on diesel fuel subsidies than renewables
#budget #auspol #climate
abc.net.au/news/2024-03-0…

'Budgets really are about choices, they're about priorities.'

'If a government can afford tax cuts for very high income earners, then obviously can afford to look after low income earners as well.'

- Executive Director Richard Denniss on 10 News First
Richard Denniss #auspol

Just cruising the Vic budget and DANG! I had forgotten how much $$$ the Vic desal plant costs even when it's not producing a drop. #springst

I would have thought that funding environmental legal services would do more to 'protect Australia’s natural environment, ecosystems and biodiversity' than litter prevention. But maybe that's just me.
#climate #auspol #Budget2024