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Westpac welcomes Budget measures on climate transition
9 May 2023
The 2023 Federal Budget contains sensible measures to advance Australia towards a green energy future, according to Anthony Miller, CEO, Westpac Institutional Bank.
The Budget includes a number of initiatives to encourage energy efficient investment, including:
- Tax deductions of up to $20,000 as part of the 'Small Business Energy Incentive' to upgrade to more energy efficient equipment
- An electrification package for low-income households
- An expansion of the Nationwide House Energy Rating Scheme to apply to existing schemes
- A national Net Zero Authority to assist in the transition to renewable energy
- $2 billion for a new 'Hydrogen Headstart' program to scale up development of Australia's renewable hydrogen industry
Mr Miller says the measures will provide much needed incentives to encourage businesses and households to invest.
“There’s no shortage of challenges on the road to net zero. But there’s also an abundance of good ideas and goodwill from both business and government.
“At Westpac we’re working on solutions to make the transition easier for our customers, and the initiatives in this Budget will help.
“Renewable power is the foundation of how the economy gets to net-zero by 2050. So making it easier for households and businesses to invest and upgrade their own energy efficiency is a good thing.
“It's a huge challenge, but it’s the opportunity of a generation to completely re-boot and transform the country, and we want to be part of that transformation.”