Summary of proposal
Party
Australian Labor Party
Policy Topic
Energy
Portfolio
Environment and Energy
This proposal would establish an Energy Security and Modernisation Fund (the Fund) with $5 billion to be drawn down as follows.
| 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 | 2025-26 | 2026-27 | 2027-28 | 2028-29 | 2029-30 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| $ million | 710 | 290 | 580 | 1,000 | 690 | 850 | 380 | 230 | 270 | - | - |
Returns from investments would not be reinvested in the Fund. The Fund would have a mandate consistent with the Clean Energy Finance Corporation (CEFC), as announced in the 2011‐12 Mid‐Year Economic and Fiscal Outlook (MYEFO), however the interest rate and loan terms would be as per the Northern Australia Infrastructure Facility, as announced in the 2015‐16 Budget. The funding would be allocated to energy network projects, including interconnectors, supporting gas pipelines and new network infrastructure.
The Fund would be administered by the CEFC.
The proposal would have effect from 1 July 2019.