Budget 2022: Renewable energy gets $20b boost

“After nearly 10 frustrating years, and more than 20 failed energy policies, Australia now has a government that understands the generational and economic imperative of acting on climate change,” Treasurer Jim Chalmers said in his budget speech Tuesday night.

Video transcript

JIM CHALMERS: After nearly 10 frustrating years and more than 20 failed energy policies, Australia now has a government that understands the generational and economic imperative of acting on climate change and a plan that provides stability to the energy grid and stability to investors.

Our plan drives investment in renewable energy, which is cheaper energy, and delivers thousands of new jobs in the coming years, many of them in our regions, by leveraging our existing, traditional strengths and creating new ones as well. To help get us there, our government will establish a $20 billion fund for energy transmission. And we've already started by backing projects, including investments connecting offshore wind farms in Victoria and Tasmania's Mariners link project.

And this budget begins to implement our powering Australia plan, with more than $800 million invested in cutting taxes on electric cars, building a national electric vehicle charging network and hydrogen refueling stations on our highways, providing solar battery storage for up to 100,000 homes, and ensuring renters and apartment owners can benefit from cheaper energy as well.