Australia Spends $16B on Fossil Fuel Subsidies
Brisbane News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Australian governments are poised to allocate a staggering $16.3 billion this year on subsidies for fossil fuel production and use, a 9% increase from last year. This figure, projected by the Australia Institute, suggests that support for coal, gas, and oil will reach $31,020 every minute by 2025-26. The majority of this funding, $10.8 billion, will go to the federal fuel tax credit scheme, which refunds excise taxes to miners and others using diesel for off-road equipment or heavy vehicles. Critics argue that these subsidies are rising faster than costs for the national disability insurance scheme and are propping up emissions, despite governments pledges to phase out such supports.
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