Australian city first: Development applications to include renewable energy targets at this Sydney council
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Development applications to City of Sydney will need to include energy efficiency and renewable energy targets, in an Australian city first.
The move to require new office buildings, hotels and shopping centres to transition to net-zero emissions was endorsed by council last night and is expected to save investors, businesses and occupants $1.3 billion in energy bills.
“Commercial office space, hotels and apartment buildings contribute 68 percent of total emissions in the city,” Lord Mayor Clover Moore said. “If we’re to meet our target of net-zero emissions by 2035, we need the building sector to play its part.
“These new controls, four years in the making, require developers to reduce emissions through increased energy efficiency, on-site renewable energy production and offsite renewable energy procurement.
“They are ambitious but achievable and provide a clear pathway for developers to improve energy performance and transition to net zero buildings.”
Ms Moore said the amendments were designed to provide developers with clarity in the structure and operation of the controls, especially in regards to the refurbishment of existing buildings. Council said they have been created with the support of developers, industry bodies and government agencies. Six developers, including Stockland, Frasers, Lendlease, Mirvac, Dexus and Crown Group wrote to City of Sydney in support of the proposed development standards, council said.
“Working with our major developers and building owners to address the climate crisis could not be more important,” Ms Moore said. “Not only will this program help us reach our target of net-zero emissions by 2035, it will provide energy savings of more than $1.3 billion for investors, businesses and occupants across Greater Sydney.”
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The Westpac-Melbourne Institute Consumer Sentiment Index slipped to 84.6 in September from 85.0 in August
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SYDNEY—Australian consumer confidence fell in September amid concerns about job security as economic growth slows to a crawl.
The Westpac-Melbourne Institute Consumer Sentiment Index slipped 0.5% to 84.6 in September from 85.0 in August.
While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs, said Westpac’s Head of Australian Macro-Forecasting, Matthew Hassan.
Consumers remain concerned about rising inflation, which is stoking concerns that interest rates may rise further, Hassan added.
The report comes a week after data showed the economy barely registered a pulse in the second quarter as consumer spending dropped sharply.
On-year GDP growth in the second quarter was the weakest since the early 1990s, excluding the pandemic years.
At the same time, the Reserve Bank of Australia continued to signal that interest rate cuts are unlikely in the near term, while adding that under certain circumstances a further hike in interest rates may be needed.
The RBA remains concerned about price growth, with core inflation remaining stubbornly elevated at nearly 4.0% on year in the second quarter.
Still, while consumers are downbeat, economists expect spending to regather momentum over coming quarters as income tax cuts delivered in July boost household budgets.
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