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Renewable energy, childcare subsidiary to kickstart the economy

  • October 09 2020
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Renewable energy, childcare subsidiary to kickstart the economy

By Cameron Micallef
October 09 2020

Opposition Leader Anthony Albanese has promised childcare subsidies and an overhaul of the energy system as part of his plan to kickstart the economy.

Source: Facebook (Anthony Albanese, @AlboMP)

Renewable energy, childcare subsidiary to kickstart the economy

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  • October 09 2020
  • Share

Opposition Leader Anthony Albanese has promised childcare subsidies and an overhaul of the energy system as part of his plan to kickstart the economy.

Source: Facebook (Anthony Albanese, @AlboMP)

Mr Albanese’s budget reply speech promised to create a $20 billion corporation to build electricity transmission infrastructure to prepare Australia’s power grid for a renewable future.

“We can be a renewable energy superpower, with clean energy powering a new era of metal manufacturing and hydrogen production,” Mr Albanese told Parliament.

He said the corporation will not be obligated to gain a return but instead will help deliver jobs and cheaper power prices for consumers.

“Rebuilding the grid will create thousands of jobs – particularly in regional Australia – and deliver up to $40 billion in benefits,” he said.

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“Fixing transmission is technology neutral and will allow the market to drive least cost, new energy production.”

The opposition has also outlined plans to spend $6.2 billion over the next four years overhauling childcare, including scrapping the annual childcare subsidy.

“For millions of working women, it’s simply not worth working more than three days a week.

“This derails careers. It deprives working women of opportunities they’ve earned,” Mr Albanese said.

Under the Opposition’s plan, the maximum childcare subsidy would increase to 90 per cent, with 97 per cent of families benefiting from the new system.

“Building a childcare system that works for families will turbocharge productivity in workplaces, delivering a much-needed boost in economic growth of up to $4 billion a year,” Mr Albanese concluded.

Renewable energy, childcare subsidiary to kickstart the economy
Source: Facebook (Anthony Albanese, @AlboMP)
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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