Peter Dutton makes his case for leading Australia’s next government | 7.30

Key Concepts

• Debt and Tax Cuts
• Fuel Excise
• National Gas Plan
• Gas Reservation Policy
• Rewiring the Nation Project
• Nuclear Energy
• Net Overseas Migration
• Housing Affordability
• Sovereign Risk

Debt and Tax Cuts

Peter Dutton states that due to the Labor party's accumulation of approximately $1.2 trillion in debt, the Liberal party will not be offering any further income tax cuts during the election campaign. He acknowledges a "great desire" to introduce tax reform and tax cuts at some stage, but emphasizes the current financial constraints. He criticizes Labor's existing tax cuts as a "cruel hoax on Australians."

Fuel Excise

Dutton proposes reducing tax through the removal of the fuel excise, arguing it provides better economic benefits for pensioners, students, families, and small businesses. He claims this approach is not a "structural spend" baked into the budget. He mentions the intention to have the ACCC monitor the excise cut to ensure it is passed on to consumers. He estimates a potential saving of $14-$15 per fill-up under a coalition government. He defends this as immediate support for those "really hurting," contrasting it with Labor's tax cuts that start in 15 months, which he deems a "political stunt."

National Gas Plan

Dutton announces a national gas plan aimed at reducing gas prices. The plan includes a gas reservation policy for the East Coast, reserving 10-20% of gas from new fields. The target price is $10 a gigajoule by the end of the year. He claims this plan has been developed over months with key figures in the gas industry. He argues that lower gas prices will benefit consumers, businesses, manufacturers, and farmers by reducing input costs. He emphasizes gas's integral role in electricity production and its potential to alleviate price pressures.

Gas Reservation Policy

The gas reservation policy will apply only to new gas projects, honoring existing "foundation contracts" with international partners. Dutton states that between 50 and 100 petajoules will be diverted back into the domestic market, fluctuating based on domestic needs. He emphasizes increasing supply rather than tempering demand. He commits to extending the life of an important project on the West Coast, which the Labor party is allegedly refusing to do. He claims to have spoken with key players, including Japanese and Korean partners, about the plan. He assures that the plan will not disrupt existing foundation projects.

Pipeline Infrastructure

Dutton commits a billion dollars to increase pipeline capacity and storage, particularly to address peak demand in the southern market. He mentions potential pipeline routes from the north of Australia, utilizing existing corridors. He acknowledges capacity constraints, particularly heading north-south. He expresses a desire to work with Victoria to discover more gas, criticizing the state's plan to spend $800 million on a gas import terminal.

Rewiring the Nation Project

Dutton announces plans to scrap the government's investment in the "Rewiring the Nation" project, which aims to build transmission lines for green energy. He states that existing contracts will be honored. He argues that the coalition's plan, which includes nuclear energy from 2035 and gas as a bridge, reduces the need for extensive new distribution networks. He criticizes Labor's plan as requiring 28,000 km of new poles and wires.

Nuclear Energy

Dutton emphasizes the role of nuclear energy in providing secure, 24/7 baseload power. He points out that China is building 29 nuclear power stations and that Australia is the only country in the top 20 economies not investing in nuclear. He states that the first budget under a coalition government will include the expenses required for nuclear energy development. He cites Frontier Economics, claiming their plan is 44% cheaper than Labor's renewable-only plan, saving $263 billion.

Net Overseas Migration

Dutton states that the Liberal party will announce a figure for net overseas migration in the coming weeks. He announces a plan to reduce the permanent migration intake by 25%. He claims the current government has brought in a million people over two years. He states that the composition and breakdown of the migration program will be revealed before the election. He argues that prioritizing Australians will free up 100,000 homes for Australian citizens. He states the permanent migration program will be reduced from 185,000 to 140,000 in years 1 and 2, increasing to 160,000 by year 4.

Housing Affordability

Dutton emphasizes the importance of home ownership for Australians. He promises to build 500,000 more homes and stop foreign buyers from competing in auctions against Australian citizens for two years.

Sovereign Risk

Dutton addresses concerns about sovereign risk related to scrapping investment vehicles for green energy. He claims to understand what is needed to manage the economy effectively and that creating sovereign risk is not part of their plan. He states that programs where the government has spent money but not created new homes will be reviewed. He claims the current government promised 1.2 million homes but has not built and occupied any.

Conclusion

Peter Dutton outlines the Liberal party's alternative economic and energy policies, emphasizing fiscal responsibility, immediate cost-of-living relief through fuel excise cuts, a national gas plan to lower energy prices, and a long-term energy strategy incorporating nuclear power. He contrasts his party's approach with Labor's, criticizing their debt levels, renewable energy focus, and migration policies. He positions the Liberal party as the party of economic stability, affordable energy, and housing opportunities for Australians.