The Australian Greens have released new costings by the Parliamentary Budget Office that show that Labor’s spending on fossil fuel subsidies for wealthy mining companies will cost Australian taxpayers more than $13 billion over the next four years.
“Why is the Gillard Government planning to hand over $13 billion in taxpayer’s money to big miners like Gina Rinehart, Twiggy Forrest and Clive Palmer while they take up to $100 a week from the pockets of single parents? This makes absolutely no sense,” Senator Christine Milne said.
The fossil fuel subsidies for the mining companies that the Greens would remove are:
• Diesel fuel tax rebates – $7.95 billion over four years;
• Accelerated depreciation on assets – $1.85 billion over four years; and
• Accelerated depreciation on exploration – $4.05 billion over four years.
“In one year alone, Labor plans to spend $4.45 billion on these fossil fuel subsidies – that’s more than enough to increase Newstart by $50 a week and reverse cuts to single parent support,” Senator Milne said.
“Public schools desperately need more funding, people on Newstart are living below the poverty line, and we need a national disability insurance scheme now.
“In this critical decade of global warming, why are we shovelling more money into fossil fuel companies to make it cheaper to pollute?
“These billions of dollars are fuelling global warming by helping big mining corporations pay their fuel bills and get special tax treatment for exploration to pay for more fossil fuels.
“Australia’s international credibility is at risk because we committed at the G20 in 2009 to phase out fossil fuel subsidies but have failed completely to meet that commitment.
“It doesn’t make any sense to subsidise fossil fuels on the one hand, while trying to drive investment in renewable energy so that we transition to a clean, green economy – it’s like driving with your foot on the accelerator and the brake at the same time.
“These massive subsidies come on top of a dud mining tax that brings in even less revenue than cuts to single parents.
“You can’t trust Labor or the Coalition to put the long-term interests of the community and the environment ahead of the short-term profits of the big mining companies.
“The Coalition has made it clear that its priority is to keep fossil fuel subsidies for wealthy mining companies while cutting support to the poor, and its climate change policy has already stopped large renewable energy investment in its tracks.
“Only the Greens can be trusted to take the necessary action to mitigate climate change, cut pollution, invest in a cleaner greener economy and stand up for a more caring society.
“Only the Greens are prepared to raise the revenue to fund the investment we need in education, healthcare and infrastructure.”
