The Australia Institute welcomes the opportunity to a submission to the Inquiry into the Major Bank Levy Bill 2017 and the Treasury Laws Amendment (Major Bank Levy) Bill 2017. This submission should be read in conjunction with some earlier submissions to Senate Inquiries. In particular we refer to our submission to the Senate Economics Committee inquiries ‘Competition within the Australian banking sector’ and ‘Consumer protection in the banking, insurance and financial sector’. Those submissions will be forwarded to the Committee Secretariat.
The Australia Institute made a submission to the Climate Change Authority / Australian Energy Market Commission Special Review on power system security, electricity prices and emission reductions.
We argued that regulatory reforms that make the energy market more flexible can solve the ‘energy trilemma’: simultaneously lowering prices, increasing security and lowering emissions.
We propose support for the Five Minute Settlement rule change that is currently before the Australian Energy Market Commission. We also propose policy reform to support 'virtual power plants' and aggregated demand reduction specifically.
The Australia Institute welcomes the opportunity to make a submission to the Scientific inquiry into hydraulic fracturing in the Northern Territory. Our submission focuses on Theme 7.7 of the Background and Issues Paper, economic impacts and also addresses other themes that the Institute has conducted research on.
The Wallarah 2 Coal Project (Project) proposes to produce 4 to 5 million tonnes per annum (mtpa) of thermal coal for export. The project is located on the Central Coast of NSW near Wyong. The proponent is Kores, a South Korean government owned corporation.
The Australia Institute welcomes the opportunity to make a submission to the April 2017 Planning Assessment Commission (PAC) consideration of the Project. We believe that all points raised in our September 2016 submission (provided as Attachment 1) on the Amended Development Application remain valid, as is our conclusion that the benefits of the project have been overstated and the costs understated.
The Australia Institute welcomes the opportunity to make a submission to the Select Committee on the Establishment of a National Integrity Commission. With recent polling conducted by the Australia Institute revealing 85% of Australians believe there is corruption in federal politics, and ongoing scandals showing evidence of this, it is time for a National Integrity Commission (federal ICAC) to be given the powers to systematically investigate corruption at a federal level.
As Australia and other countries shift their economies toward lower-carbon forms of energy and production, problems of displacement and transition for workers in carbon-intensive industries must be addressed as a top priority. The coal-fired electricity generation industry is on the front lines of this challenge.
Centre for Future Work Director Jim Stanford was recently invited to give testimony to a Senate of Australia reference committee studying the future transition of the coal-fired electricity sector.
The Australia Institute provided advice to EDO NSW and the Bulga Milbrodale Progress Association on the possible economic effects of closing Wallaby Scrub Road, in the Hunter Valley, NSW. Rio Tinto proposes to close the road in order to expand the Mt Thorley-Warkworth coal mine.
The Australia Institute welcomes the opportunity to make a submission to Treasury’s Review of the Petroleum Resource Rent Tax (PRRT). The review occurs at a time when Australia is set to become the world’s largest gas exporter, yet PRRT revenues are declining. Several major gas projects are unlikely to pay PRRT for decades, according to many analysts, including analysis commissioned by the industry lobby group, APPEA.
The review aims to provide advice on whether the PRRT is operating “as intended”. In the current situation with projects unlikely to pay PRRT for many years if ever, either there is no economic rent to be taxed, or the tax is not working as intended.
Economic assessment of the Rocky Hill project understates costs and overstates benefits. It is unlikely to be in the economic interest of NSW or the Gloucester community to approve this project.
The Australia Institute made a submission on the Wilpinjong Extension Project in March 2016. Our submission focussed on the economic assessment by Deloitte Access Economics in appendix M of the environmental impact statement (EIS).