Submission to the Australian Treasury's consultation on 2024–25 Pre-Budget submissions

January 31, 2024

Amandine Denis-Ryan and Kevin Morrison and Josh Runciman and Jay Gordon and Johanna Bowyer and Gabrielle Kuiper

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Submission to the Australian Treasury's consultation on 2024–25 Pre-Budget submissions

25 January 2024

To: The Treasury
Re: 2024-25 Pre-Budget submissions

Dear The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services,

The Institute for Energy Economics and Financial Analysis (IEEFA) is grateful for the opportunity to present its submission to the 2024-25 pre-Budget consultation. IEEFA is an energy finance think tank that examines issues related to energy markets, trends, and policies. The Institute's mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.

IEEFA is supportive of the government's investment of A$40 billion in the energy transition to support a less emissions-intensive economy. In particular, the expansion of the Capacity Investment Scheme to support 23 gigawatts (GW) of renewable energy and 9GW of storage is a welcome step which will help decarbonise Australia's energy system.

In addition to existing government funding, IEEFA believes some strategic interventions in energy performance and electrification could deliver strong emissions reductions and help alleviate the cost-of-living crisis. IEEFA also believes that some government expenditure could be redirected to programs that will be more effective in delivering a net zero emissions economy by 2050.

IEEFA recommends the government:

Prioritise funding energy performance and electrification to reduce energy bills.
Focus the funding of hydrogen on the most valuable and energy efficient use cases.
Redirect funding from the Beetaloo and Middle Arm gas ventures to gas demand reduction.

Please do not hesitate to contact us for any further information.

Kind regards,

Amandine Denis-Ryan – Chief Executive, IEEFA Australia
Kevin Morrison – Energy Finance Analyst, Australian Gas
Joshua Runciman – Lead Analyst, Australian Gas
Jay Gordon – Energy Finance Analyst, Australian Electricity
Johanna Bowyer – Lead Analyst, Australian Electricity
Dr Gabrielle Kuiper – IEEFA Guest Contributor

Amandine Denis-Ryan

Amandine Denis-Ryan is CEO of IEEFA's Australia team. Amandine is a recognized expert in net-zero emissions transitions across the economy and led the development of the first domestic net-zero emissions pathway for Australia and subsequent updates.

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Kevin Morrison

Kevin Morrison is an Energy Finance Analyst, Australian Gas. Kevin works closely with the global oil and gas team to examine issues facing the Australian LNG and gas sector.

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Josh Runciman

Josh Runciman is IEEFA’s Lead Analyst for Australian Gas. His work focuses on key issues in Australia’s gas and LNG sector, including gas market policy.

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Jay Gordon

Jay Gordon is an Energy Finance Analyst at IEEFA, focusing on the Australian electricity sector. He brings experience in modeling Australia’s energy system transition, including investigating the role of the electricity sector in helping the broader economy transition towards a net-zero future.

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Johanna Bowyer

Johanna Bowyer is the Lead Analyst for Australian Electricity at IEEFA. Her research is focused on trends in the National Electricity Market, energy policy and decarbonisation.

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Gabrielle Kuiper

A DER Specialist and a Director at The Superpower Institute, Dr. Gabrielle Kuiper is an energy, sustainability and climate change professional with over twenty years’ experience in the corporate world, government and non-government organisations and academia.

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