In the title, Labor is the current Labor Government led by Prime Minister Julia Gillard, and Liberal is the current Liberal Party, led by Tony Abbott, the major political party from the Conservative side of politics…..TonyfromOz
Not satisfied with simply breaking its own promises to voters, Labor tries to make sure the Liberals will not be able to honor their own:
The Gillard government has moved to ‘’Abbott-proof’’ its Clean Energy Finance Corporation by ‘’appropriating’’ the full $10 billion five-year budget in legislation to be passed this year.
The move means the corporation could continue lending to clean energy projects at the rate of $2 billion a year, making it difficult for a future Abbott government to repeal the legislation setting it up. It would also pave the way for another parliamentary showdown over climate change, alongside the carbon tax, as a future Coalition government would likely face a hostile Senate.
And so does the green ideology licence the Left’s inner totalitarian.
It is hard to comprehend the scale of the idiocy and moral fervor behind such a guaranteed squandering of public money:
The Australian Chamber of Commerce and Industry warned that the CEFC would ”cost billions of taxpayer dollars and deliver nothing”.
“The review attempts to apply a responsible set of disciplines on the operation of the fund but when it is boiled down, it will make investments that will be higher risk than the private sector would ever bear,” ACCI economics director Greg Evans said.
“The only potential upside is that a prudent board will find it hard to approve expenditures and this may avoid the wasteful use of public monies.”
Think about that: the only measure of prudence for the CEFC board is that it do nothing, and just stick our money in the bank.
Too harsh? Well, here’s the share performance of Geodynamics, the green energy company linked to Tim Flannery, since the Rudd Government announced in November 2009 a $90 million grant to develop its hot-rocks technology:
Coming up: plenty more projects just like that one.
Labor’s desire to leave a legacy of economic damage seems insatiable. I can only conclude that the Government is impervious to sense and that there is such a large constituency of green ignorance that in the longer run they believe it will actually add to Labor’s luster that they have compelled the Commonwealth to spend this money.
We’ll waste billions on trash investments.
Here is the performance of global wind energy stocks, despite massive government subsidies:
Here is the performance of MAC global solar energy stocks, despite massive government subsidies:
This Labor Government is mad and must be stopped.
Andrew Bolt’s columns appear in Melbourne’s Herald Sun, Sydney’s Daily Telegraph and Adelaide’s Advertiser. He runs the most-read political blog in Australia and hosts Channel 10’s The Bolt Report each Sunday at 10am. He is also heard from Monday to Friday at 8am on the breakfast show of radio station MTR 1377, and his book Still Not Sorry remains very widely read.