Prime Minister Anthony Albanese has insisted Australia’s pathway to net zero should not involve nuclear as he warned of the “catastrophic” impacts of a war with China at the Australia’s Economic Outlook forum.
Mr Albanese headlined the Sky News – The Australian annual forum hosted by AM Agenda anchor Laura Jayes and delivered a keynote address before sitting down with Sky News Political Editor Andrew Clennell.
The Prime Minister took the opportunity of major address to reignite momentum around his government’s Future Made in Australia Act, while issuing broadside on the Coalition’s expected announcement on a nuclear energy policy.
Mr Albanese backed up his renewables focused pathway to net-zero at the Australia’s Economic Outlook forum. Picture: Britta Campion / The Australian
Opposition Leader Peter Dutton and shadow energy minister Ted O’Brien will unveil the Coalition’s policy ahead of the election which is believed to involve the repurposing of retired coal-fired power plants for nuclear energy.
But Mr Albanese argued it would send Australia down a 15 year “rabbit hole” and waste valuable time better spent building an internationally competitive renewable energy industry.
He said Australia had the competitive advantage through its “abundance” of rare earth and critical minerals to capitalise on the global de-industrialisation and transition to net zero.
“Catering to new and growing global demand for our resources and converting the global imperative to cut emissions into a national source of comparative advantage,” he said during his address.
07/06/2024.PM Anthony Albanese in conversation with Andrew Clennell. Australia’s Economic Outlook. Event co-hosted by The Australian and Sky News, held in The Ballroom of Crown Casino, Barangaroo in Sydney. Britta Campion / The Australian
When speaking to Clennell, he synthesised the choice down to how Australia could compete on the international stage.
“We have a range of advantages… we have the lot, we have all the critical minerals,” he said.
“People will look for how does manufacturing occur? Green hydrogen. The advantage we have is space … We can produce, through green hydrogen … green metals because of the space we have.
“We have a comparative advantage in this country if we just had the ticker to seize it rather than be frightened of it.
“We don’t have a comparative advantage when it comes to nuclear, we have a disadvantage because we don’t have an industry and it would be more than a decade and a half before anything could happen.”
Prime Minister Anthony Albanese says his government is focused on “winning the fight” against inflation.
“Ahead of today, I looked back to the economic challenges that we spoke about this time just a year ago – the aftershocks of the pandemic and the impact on inflation and supply chains,” Mr Albanese said at Australia’s Economic Outlook event on Friday.
“The most significant energy crisis in half a century and the heavy toll of natural disasters for our communities and our country.
“All of that uncertainty is still with us – all of that uncertainty is still live, which is why the progress that our economy has made through the past year stands as such a powerful tribute to the hard work and the resilience of the Australian people.
“Indeed, by taking $300 off the power bill of every Australian household from the 1st of July, as well as delivering a second consecutive increase in Commonwealth Rent Assistance, our cost of living relief is expected to cut three-quarters of a percentage point off inflation this year and another half a per cent next year.
“We are getting inflation down, not in spite of the help we are providing with the cost of living, but because of it.
“We are focused on winning the fight against inflation.”
The PM’s comments drew the ire of the Coalition leader on Friday when he labelled the government’s strategy to transition to net-zero a “fantasy”.
“We need to, as we decarbonise, have a credible pathway to reducing those emissions,” Mr Dutton said.
“We can’t have a situation where the Prime Minister says ‘we’re not going to have gas, we’re not going to have coal, and we’re not going to have nuclear’, but somehow the lights are going to stay on and prices will come down. It’s just fantasy.”
Alongside the prospect of nuclear energy, the Prime Minister was also asked about the threat a war in the Pacific posed to Australia and its economic future.
The PM’s comments on renewables caught the attention of Opposition Leader Peter Dutton who defended his nuclear approach. Picture: NewsWire / Martin Ollman
He said the war in the Middle East and Russia’s invasion of Ukraine, which drove up global inflation and created humanitarian disaster, have proven a conflict involving China would be “catastrophic”.
“The consequences of war are catastrophic,” the PM said.
“We see that with Russia and Ukraine. We spoke about the economy and what’s happened. Global inflation. The impact of the Russian invasion of Ukraine has been catastrophic for Europe and for the globe.
“We see it in the Middle East.
“The consequences that are there for humanitarian concerns, but also the impact for our economy. A conflict in this region, where there is strategic competition, must be avoided.”
Mr Albanese added that engagement with China was critical to ensuring the nations avoid conflict, as he took a swipe at the Coalition’s lack of communication with Australia’s biggest trading partner during their time in office.
“The breakdown where you had not a single phone call from an Australian minister, no engagement whatsoever … with our major trading partner in the term before I became Prime Minister is not a good situation,” he said.
Touching on domestic issues again, the PM gave his pitch to the Australian public on why they should re-elect Labor at the next election.
Prime Minister Anthony Albanese was the keynote speaker at Australia’s Economic Outlook, presented by Sky News and The Australian newspaper.
After addressing the audience, he sat down with Sky News Political Editor Andrew Clennell.
Topics covered included Australia’s economic growth, the prospect of interest rate cuts, and whether Mr Albanese will call an early election.
When asked why the Albanese government should return for a second term, the PM told Mr Clennell: “Because we’ve been an effective government. Because we’ve delivered a stronger economic position than the one we inherited.”
The PM said the way his party has backed up its election promises and delivered “more growth in the regions and the suburbs” should be a factor they consider at the polls.
“I got elected on a platform of not leaving people behind and not holding people back. We’re doing that by looking after people – the increase that we’ve had in job seeker… rent assistance… the increased in support that we’ve had for people in need,” he said.
But while the PM was confident in himself going into the next election, he avoided a question on what he would do if Labor lost the next election.
Mr Albanese and Mr Clennell butted heads at the forum when the Sky News Political Editor asked the Pm what he’d do if he didn’t win the next election. Britta Campion / The Australian
Mr Albanese told Mr Clennell he was enjoying the job and being Prime Minister was not the be-all and end-all for his political ambitions.
“I am enjoying the job and I don’t take anything for granted. I didn’t go into parliament to be the Prime Minister. I cherish every single day the honour that I have – and it is an incredible privilege,” he said adding his desire to focus on doing the job at hand rather than worrying about a possible election loss.
“I’m not worried about what happens. I’m worried about doing the right thing and doing the best job that I can. And I’ll continue to do to it for a period of time,” he told Sky News.
Mr Albanese’s keynote speech and discussion with Mr Clennell came alongside talks with economic leaders across the country.
A panel event at the forum featured Uber Australia MD Emma Foley, Crown CEO Ciaran Carruthers, Amazon Australia country manager Janet Menzies,, Minerals Council of Australia CEO Tania Constable. Picture: Britta Campion / The Australian
Deputy Governor of the Reserve Bank of Australia Andrew Hauser sat down with Sky News’ Ross Greenwood while an array of the nation’s business leaders gave their insights on hot button issues impacting the corporate world.
Country Manager at Amazon Australia Janet Menzies, CEO of Minerals Council Australia Tania Constable, CEO Crown Resorts Ciarán Carruthers and Uber Managing Director Emma Foley discussed the government’s Future Made in Australia Act and the challenges of hitting net zero.