Energy and Climate analysis of Federal Budget: protects jobs, saves households, cuts emissions

Published Wednesday, 15 May, 2024 at 04:02 PM

Minister for Energy and Clean Economy Jobs
The Honourable Mick de Brenni

  • Albanese Government’s budget sees Queenslanders receiving additional $300 on top of Queensland’s $1,000 energy rebate.
  • Queensland will see more investment in manufacturing and blue-collar jobs with the Future Made in Australia policy.
  • The Albanese Labor Government backs blue collar jobs in regional Queensland with an additional $22.7 billion investment in the clean economy.

Queenslanders are big winners in last night’s federal budget.

Additional electricity rebates mean most households won’t need to pay another electricity bill this year, reaffirming Labor’s commitment to supporting households with cost-of-living relief.

Additionally, the Albanese Government’s focus on a Future Made in Australia will see a $6.7 billion investment in green hydrogen projects and a $91 million boost to turbocharge the workforce.

The Miles and Albanese Labor Governments are working together to back Queensland’s clean economy future, ensuring that it delivers for all Queenslanders and for the country.

This Budget invests in Queensland’s renewable energy superpower ambitions, including $13.7 billion in production tax incentives for green hydrogen and processed critical minerals, so industries are rewarded for scale and success.

Central Queensland stands to be the greatest beneficiary with the best green hydrogen potential and projects already in the works.

Quotes attributable to Energy Minister Mick de Brenni:

“Last night’s budget gives green hydrogen the support to move from planning to production with Stage 1 domestic consumption targeted for 2027 for Central Queensland Hydrogen. This is the biggest green light for tens of thousands of regional Queensland jobs!

“We have a narrow window to decarbonise to protect existing jobs. If we hang back, the chance for a new generation of jobs and prosperity will pass us by, and we’ll be poorer and more vulnerable as a consequence.

“There is a narrow window to decarbonise industry in order to protect existing jobs, and Labor’s budget means real job security for hundreds of thousands of workers in trade exposed industries including heavy manufacturing, agriculture and resources.

“For 20 years the energy and climate debate has been a wasteland - for the planet, for industry, and for governments. This Labor budget is another, major watershed moment for real action on climate change.

“Funding from Treasurer Chalmer’s third budget ensures the Miles Government plan for emissions reduction delivers the real action on climate that Queenslanders have voted for.

“The combination of the Australian Government Budget and expectations of the Queensland Government Budget, both delivered by Queensland treasurers, will mean Queenslanders are best placed of every state and territory.

“Labor is backing our future, while the LNP only looks to the past. Their focus is on nuclear, the ‘trojan horse’ that keep coal burning and cooks the climate.”


The Federal budget delivers:

  • $7.1bn for critical minerals
  • $6.7bn for $2/kg Hydrogen production credit
  • $1.3bn Hydrogen Headstart Program
  • $3.2bn for Australian Renewable Energy Agency,
    • including $1.7bn for green metals, batteries, and low carbon liquid fuels
  • $154m New Vehicle Efficiency Standard
  • $1bn for Solar SunShot Initiative – growing solar PV manufacturing
  • Regional transition and worker assistance
  • $91m for 10,000 new energy apprenticeships
  • $56m to build Women’s careers program, including energy
  • $209m Net Zero Economy Authority
  • $179m for regions in transition
  • $171m to prioritise renewable project assessment