PUBLIC MONEY PROPPING UP FOSSIL FUELS
Each year, the Australian government spends billions of dollars of your money on programs that encourage more coal, gas and oil to be extracted and burned. Market Forces estimates that tax-based fossil fuel subsidies cost over $12 billion a year federally. This includes subsidies that support both the production and use of fossil fuels.
But tax-based subsidies aren’t the only government financial backing for fossil fuels. Direct handouts and contributions to the industry are doled out at both federal and state levels. On top of this, public money is used to finance fossil fuels through our national export credit agency EFIC, as well as our involvement with international financial institutions.
Australia has built a bad reputation as one of the world’s biggest backers of the dirty fossil fuel industry, a stance made clear at the 2015 Paris climate talks when it refused to sign an agreement that would phase out fossil fuel subsidies. This came despite Australia having committed on multiple occasions to phase out “inefficient fossil fuel subsidies.”