Essay by Eric Worrall
While the dust has yet to completely settle, it looks like Australia will have one of the greenest governments in our history, after a panicked last-minute conservative attempt to embrace Net Zero backfired. spectacular effect, and resulted in a losing streak for the “Independent Teal”. But Australia is about to face some very serious economic problems that green ideology cannot fix.
Independents likely to head parliament after election night’s teal bath?
By political reporter Jake Evans
Election night is shaping up to be a resounding victory for an independent group who have challenged both parties to do more on climate change and accountability.
Main attractions:
- Liberals Tim Wilson, Trent Zimmerman and Jason Falinski are likely to lose to independents
- A handful of new independents could become power brokers in the next parliament
- Treasurer Josh Frydenberg, the Kooyong seat hasn’t been called yet
So-called “teal independents” are candidates running for the generally secure Liberal seats on a larger climate action platform and implementing a federal integrity committee.
These candidates are supported by a well-funded advocacy machine called Climate 200, which has raised about $12 million from more than 11,000 donors.
And while most of these independents are challenging established Liberal politicians, Labor is also noting the proliferation of so many independents.
…
Read more: https://www.abc.net.au/news/2022-05-21/teal-independents-election-night/101085766
The Teal independents, who have challenged and seemingly in some cases defeated the Conservatives in the city centre, have presented as economically moderately deep trees. Scott Morrison tried to beat them by switching to support Net Zero late last year, but it seems that voters in the city opted for the real thing over the fake. All that ScoMo’s Net Zero push has alienated supporters elsewhere, who have expressed that frustration by voting for small parties and independent organizations.
The Teals, who could hold the balance of power in the coming government, have received considerable financial and logistical support from Climate 200founded by and led by mining billionaire and renewable energy entrepreneur Simon Holmes à Court. So I don’t think we need to guess what policy positions they will promote.
The forthcoming Left-wing labor government will likely need Blue and Blue Party support to form a government. They have publicly returned to investing heavily in green energy, having to satisfy the green coalition partners will confirm this trend.
The question on my mind is how the new government will deal with some of the very real problems that are developing.
The lack of politically motivated investment in Australia’s aging coal fleet has caused wholesale electricity prices doubled compared to last year. No one invests money in the plant and equipment may be shut down or punitive taxes are imminent.
The outgoing coalition government is toying with the idea of a government-funded fossil fuel power plant, but I somehow doubt the incoming government will continue that policy – important Their policy point is that rising electricity prices are due to lack of investment in renewable energy.
There is a problem of the coming food crisis. The Ukraine war raised fertilizer prices and reduced international grain supplies. Australia, a major food producer, may be less affected than some places, but we produce very little fuel or fertilizer, so we will feel the full impact. of increasing international prices for these commodities. Fertilizer production requires a lot of cheap energy, and we’ve seen very little of that lately. Even if Australia maintains food production, ordinary Australians will still feel prices rise. And when global shortages emerge, there will be strong incentives to pour money into lucrative foreign markets.
Then there’s the coal problem. The only reason Australia has maintained a degree of financial stability over the past few years is because of its booming coal and mineral exports. Coal alone contributes $10 billion to our trade balance and export earnings. But a verdant government could put an end to all of that. Of course, when China’s economy collapsed after a series of frenzied Covid shutdowns and its property market crashed, when Europe adopted economic suicide green policies, and when US engulfed in bid inflation, it looks like demand for our mineral exports will drop, even without hurting policies imposed by deep green zealots . Rising global food prices won’t help fix this – see my view on fuel and fertilizer prices eroding farm profits.
Add to this The shameful economic ignorance of the new Prime Minister is likely our Anthony Albanesewho recently explained The best way to fight inflation is a generous raise.
I fear Australia may be in trouble. I don’t think we’ll go full Sri LankaBut it’s going to be an interesting couple of years.
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