Australia's cost-of-living crisis is biting hard. Rents are through the roof, mortgages cost more, prices are up across the board and most politicians are sensibly offering policies to reduce the cost of living - but not the Coalition!
In a boldly illogical strategy, the federal Coalition is persevering with its promise to push up electricity prices by implementing a nuclear-powered Australia, the single most expensive form of new energy to build in Australia according to the latest report from the CSIRO and the Australian Energy Market Operator (AEMO).
The Coalition's nuclear power plan is a blatant delay and distraction tactic. The Coalition was in federal government for a decade and did bupkis to kickstart a domestic nuclear industry.
The Coalition is not serious about nuclear, but what better way to carry on the fine tradition of delaying the inevitable and urgent phase out of unreliable, expensive and polluting gas and coal-burning power plants from Australia's electricity system, than forcing the country into a 'debate' about nuclear energy. The longer we are talking about nuclear, the longer gas and coal can stick around.
Faced with a choice between cheap, abundant renewable energy which works and is available to roll out tomorrow, and small modular nuclear reactors that may never be commercially viable, opposition climate and energy spokesperson Ted O'Brien has again backed the slow and expensive dud. And they say loyalty is rare in politics.
Every year the CSIRO and AEMO publishes the GenCost report, which provides 'updated cost estimates for future new-build electricity generation in Australia'. Every year, renewable energy comes out on top as the cheapest form of new electricity to build.
And every year the Coalition keeps backing the most expensive options for investors and consumers. Anticipating criticism that renewables only come out cheaper because the modelling does not include integration costs, this year the GenCost report included these costs and - drumroll please - renewables are still the cheapest.
Nuclear advocates often point to other countries as evidence it's a viable option for Australia. It is clear that for countries with an existing domestic nuclear industry, and an experienced workforce to build, operate and maintain it, nuclear could be a viable option for other countries to consider.
But most of these countries don't have Australia's abundant clean, renewable energy resources. We are fortunate to have better, faster, cheaper, cleaner energy options other countries lack. But this has not deterred the Coalition. Defying all the evidence from industry, investors, science and economics, the federal Coalition remains committed to an expensive nuclear future for Australia.
The fact that the costs to build the Coalition's favoured small modular reactors has blown out by 70%? Not a problem. The fact that no Australian can insure their house against a nuclear accident in Australia? Let's not mention that (check your home and contents insurance policy; all of them have at least one exclusion clause that won't cover any damage or contamination caused by ionising radiation from any nuclear fuel or waste or from the combustion of nuclear fuel).
The fact we have nowhere to store nuclear waste safely for thousands of years? Someone else's problem. The fact it would take at least 20 years to build nuclear reactors? I mean it's fast compared to building a fleet of nuclear submarines from scratch, but it's not a serious energy policy and should not be treated as such.
It would be funny if it wasn't so embarrassing. Australia's ageing coal-fired power fleet is prone to unexpected and expensive breakdowns and must be replaced with new generation capacity urgently. AEMO has already forecast increased risks of power outages this summer and urged industry and government to accelerate the clean energy transition and fix supply gaps. Governments are trying to deal with this policy problem this summer, not in 20 years' time.
As former NSW treasurer Matt Kean has noted: "Who knows what might be available in another 20 years - we may have flying cars in 20 years - but that doesn't mean you base your whole transport around it."
The reality is the market has already spoken and so have Australians. Across Australia, more than 3.6 million homes, or roughly one in three Australian households have rooftop solar, up to around half of all households in South Australia.
The ACT has been 100% renewable since 2019 and has passed legislation prohibiting new gas connections in new builds - I live in a new apartment building that is fully electric, which is turning into a selling point given the huge increases in gas prices. And AGL is going to start building a grid-scale battery on the site of former Liddell coal-fired power plant. The investment trends are all headed in the right direction, just not fast enough.
But all our domestic efforts to reduce emissions and energy bills by moving rapidly to 100% renewables won't come to much unless Australia stops subsidising and expanding its fossil fuel exports. That's the policy problem the fossil fuel industry and its enablers in government is trying to distract Australians from addressing.
MORE EBONY BENNETT:
That and the fact the workforce the fossil fuel industry needs to build its new mines is the same workforce, in short supply, needed to build the renewables, roads and other infrastructure Australia really needs.
Australia is the third largest fossil fuel exporter in the world and we are seeking to expand the problem. There is a direct connection between all the gas and coal Australia exports and the more intense and frequent heatwaves, bushfires and floods that are engulfing huge parts of the country.
Australians are experiencing the reality of climate change right now and the Australia Institute's benchmark Climate of the Nation report, the longest running survey of community attitudes towards climate change, showed that Australians are increasingly concerned about the rising costs of climate impacts.
The Black Summer bushfires and recent floods along Australia's east coast have caused a sharp escalation in insurance costs in regions prone to floods, bushfires, and cyclones. Premiums have surged well beyond the CPI in Australia, posing an increasing financial burden on those residing in areas where insurance is most crucial.
These are real impacts facing Australians right now. Australians deserve better than policy pipedreams and distractions.
Ebony Bennett is deputy director for The Australia Institute and a former Greens media advisor and a regular columnist for The Canberra Times.
Ebony Bennett is deputy director for The Australia Institute and a former Greens media advisor and a regular columnist for The Canberra Times.
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