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$3.9bn Disaster response funding

Australia has seen its fair share of catastrophic disasters this year.  In response, the Government has announced the creation of a $3.9bn Emergency Response Fund. The Fund will provide $150m per annum from 2019-20 to 202-24 following a significant and catastrophic natural disaster. This funding is applied where the disaster requires funding beyond relief measures already in place.

Climate solutions package

A previously announced $3.5bn package of measures will support Australia’s 2030 climate commitments. These include:

• Creation of a climate solutions fund to fund low cost abatement measures
• Increased funding for the Snowy 2.0 project and the Government departments that oversee it
• Creation of an Energy Efficient Communities Program to provide grants to businesses and communities
• Feasibility studies to accelerate the delivery of Marinus Link, a second interconnector between Tasmania and the mainland, to unlock pumped hydro storage potential in Tasmania
• Funding to improve household energy consumption

Energy infrastructure

$75.5m over 7 years will be provided for investment in network infrastructure, dispatchable generation and reliable energy supplies in the National Electricity Market.

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