Australia has announced plans for more fiscal spending. Energy Minister Chris Bowen says will step up spending to underwrite new wind, solar and battery projects.
- did not specify how much the government expects to spend
I'm sure renewables are a great thing, it's the added spending that's a little worrying. I posted earlier on this:
Australia scraps AUD 11.6bn of infrastructure projects amid worker shortages and inflation
- The "but" to this is the net infrastructure spend remains unchanged
Underpinning demand like this is going to ensure higher Reserve Bank of Australia rates for longer.
