This Budget is the next stage in the Government's economic plan, building on commitments from the 2016-17 Budget and the 2016 election.
Reliable and affordable energy
Securing Australia’s Energy Needs
The Government’s energy security plan provides reliable and affordable energy for Australians coping with rising energy prices. It includes:
- Securing access to our gas resources for domestic use. The Government will provide around $90 million to promote gas supply. The Government has also secured gas industry commitments to improve domestic supply.
- Ensuring consumers and industry get a fair deal. The Government has asked the ACCC to undertake inquiries into competition in retail electricity and gas markets.
- Working to improve energy regulation. Extra funding will improve gas market efficiency and transparency.
- Investing in new generation, transmission and storage capacity. Snowy 2.0 would provide a 2000 megawatt increase in capacity. Funding is also being provided to investigate new gas pipelines and for energy infrastructure in South Australia.
- Investing in new low emissions technology. The Clean Energy Finance Corporation has provided more than $3 billion of support to new technologies.
The Government’s long-term plan will be informed by independent, expert advice, with a review being conducted by Australia’s Chief Scientist, Dr Alan Finkel AO.