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Government emissions targets don’t go far enough: Climate Council report

The renewable energy market needs much greater investment across the board to meet targets, says Climate Council Australia report

By Robyn Willis
Tue, Sep 13, 2022 10:25amGrey Clock < 1 min

Australia needs to reduce its emissions by half in the next 10 years to avoid the worst climate impact, the Climate Council Australia said today.

The Climate Council, formed in 2013 when the Federal Government abolished the Australian Climate Commission, is made up of leading climate scientists, as well as health, energy and policy experts.

The council released a 10 point plan this morning calling on the Federal Government to push for net zero emissions by the early 2040s. The Albanese Government recently announced a target of 43 percent emissions reduction by 2030, which would result in reaching net zero by 2050.

Key findings in the Climate Council report, Power Up: Ten Climate Gamechangers, include a need to “get on a steep trajectory of emissions reductions, with existing efforts ramped up significantly and quickly”.

The report notes that Australia has already warmed about 1.4C with more extreme weather events on the way.

It points to rising energy costs backed by fossil fuels impacting on Australian households arguing that increased investment in renewable energy, as well as storage and transmission, could increase household disposable incomes across the national energy grid by almost seven percent by 2030.

However, the report also highlights the acute shortage of skilled workers in the renewable energy market, with three in four solar companies struggling to recruit electricians with relevant experience.    

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RMIT expert says a conflation of factors is making the property market hard than ever to predict

By Robyn Willis
Thu, Oct 6, 2022 9:52am < 1 min

A leading property academic has described navigating the current Australian housing market ‘like steering a ship through a thick fog while trying to avoid obstacles’.

Lecturer in RMIT’s School of Property Construction and Project Management Dr Woon-Weng Wong said the combination of consecutive interest rate rises aimed at combating high inflation, higher property prices during the pandemic and cost of living pressures such as the end of the fuel excise that occurred this week made it increasingly difficult for those looking to enter or upgrade to find the right path.

“Property prices grew by approximately 25 percent over the pandemic so it’s unsurprising that much of that growth ultimately proved unsustainable and the market is now correcting itself,” Dr Wong says. “Despite the recent softening, the market is still significantly above its long-term trend and there are substantial headwinds in the coming months. Headline inflation is still red hot, and the central bank won’t back down until it reins in these spiralling prices.” 

This should be enough to give anyone considering entering the market pause, he says.

“While falling house prices may seem like an ideal situation for those looking to buy, once the high interest rates, taxes and other expenses are considered, the true costs of owning the property are much higher,” Dr Wong says. 

“People also must consider time lags in the rate hikes, which many are yet to feel to brunt of. It can take anywhere from 6 to 24 months before an initial change in interest rates eventually flows on to the rest of the economy, so current mortgage holders and prospective home buyers need to take this into account.” 

 

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