$200 million annually in profit by 2017 for the government through investment in renewables. But making money from renewable energy is, one should remember, 'utterly offensive':
The CEFC is a commercial investment in actual rollouts of renewable energy with a 7% return on investment. The Abbott government, however, says 'bugger that, we hate evil renewable-tainted money' (or something like that) and is currently looking forward to passing legislation to abolish the CEFC as one of the first things the new Senate will do once the new Senate meets in about two weeks' time.
Note also that, if it weren't for that the $200 million might well grow to $520 million pretty handily - they've got $10 billion in applications:
> The Portfolio Budget Statement does not include the significantly higher positive contribution to the Budget the CEFC would make if it was able to continue to carry out its investment function over the forward estimates period. Were it to do so, the CEFC would deliver a net cash surplus (profit) for the Government of more than $520 million, net of operating costs.
This government is committed to throwing away $500 million and more for taxpayers in money companies are willing to borrow and pay back - with interest - to roll out renewable energy schemes.
It's like "Dear government, if you give us x amount of money, this lender over there will give us 2x of money, and I'll pay you back both, with interest. This is for us to change all the lighting across this huge area to use a third of the energy.", and the government saying, instead of "let's have a look at your business case and assure everyone this is a sound investment for us and your claim actually checks out and we'll all make money" a "lol, no".
$200 million annually in profit by 2017 for the government through investment in renewables. But making money from renewable energy is, one should remember, 'utterly offensive':
http://www.abc.net.au/news/2014-05-02/joe-hockey-wind-turbin...
The CEFC is a commercial investment in actual rollouts of renewable energy with a 7% return on investment. The Abbott government, however, says 'bugger that, we hate evil renewable-tainted money' (or something like that) and is currently looking forward to passing legislation to abolish the CEFC as one of the first things the new Senate will do once the new Senate meets in about two weeks' time.
Note also that, if it weren't for that the $200 million might well grow to $520 million pretty handily - they've got $10 billion in applications:
> The Portfolio Budget Statement does not include the significantly higher positive contribution to the Budget the CEFC would make if it was able to continue to carry out its investment function over the forward estimates period. Were it to do so, the CEFC would deliver a net cash surplus (profit) for the Government of more than $520 million, net of operating costs.
This government is committed to throwing away $500 million and more for taxpayers in money companies are willing to borrow and pay back - with interest - to roll out renewable energy schemes.
It's like "Dear government, if you give us x amount of money, this lender over there will give us 2x of money, and I'll pay you back both, with interest. This is for us to change all the lighting across this huge area to use a third of the energy.", and the government saying, instead of "let's have a look at your business case and assure everyone this is a sound investment for us and your claim actually checks out and we'll all make money" a "lol, no".