Australia Spends Billions on Incentives for Fossil Fuels

"[Australian] taxpayers spend about 11 times more encouraging the use of fossil fuels than on climate change programs - and the sum is growing.

Fossil fuel incentives and subsidies will cost about $12.2 billion this financial year, compared with $1.1 billion spent on programs designed to cut greenhouse gas emissions and boost clean energy research.

An Australian Conservation Foundation analysis found the cost of the incentives has increased by $1.6 billion since 2007-08, the final year of the Howard government, while spending on climate programs had risen just $500 million. The biggest fossil fuel incentives were in unclaimed revenue, including about $5 billion in fuel tax rebates for greenhouse-intensive industries.

More than $1.1 billion was spent on fringe benefits tax concessions for company cars."

Adam Morton reports for the Sydney Morning Herald March 1, 2011.

Tuesday, March 1, 2011