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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 is a recognized expert in net zero emissions transitions across the economy. She led the development of the first domestic net zero emissions pathway for Australia and subsequent updates, which are considered to be the reference for Paris-aligned pathways and used by business, finance and government organisations.

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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.

Prior to joining IEEFA, Kevin worked for more than 30 years as a financial journalist for Reuters, Sydney Morning Herald, the Financial Times (FT) and Argus Media. Half of this working period was covering the energy and resources sector both in Australia and the UK.

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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. Prior to joining IEEFA, Josh was a Director on the Australian Competition and Consumer Commission’s Gas Inquiry 2017-2030, where he worked on a range of issues, including supply adequacy, gas commodity and pipeline pricing, LNG netback pricing and retailer behaviour.

He also worked as an Economist at the Productivity Commission and as a Senior Policy Officer at the Victorian Department of Education and Training.

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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.

Prior to joining IEEFA, Johanna researched distribution networks at CSIRO, worked as an engineer at Solar Analytics and Suntech and worked as a management consultant at Kearney.

Johanna has a first-class Honours Degree in Photovoltaics and Solar Energy Engineering from UNSW Australia. While at UNSW she received the Co-op Scholarship, No Carbon Women in Solar Prize and Photovoltaics Thesis Prize.

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Gabrielle Kuiper

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. She was previously the DER Strategy Specialist with the Energy Security Board.

Prior to that Dr. Kuiper held senior executive or senior advisory energy-related positions in the Office of the Australian Prime Minister, at the Public Interest Advocacy Centre (PIAC), and in the NSW Government.

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