Murray Watt (Queensland, Australian Labor Party, Minister for Employment and Workplace Relations) Share this | Hansard source

Thanks, Senator Roberts. Yes, I'm representing Senator McAllister, who represents Minister Bowen, while she's in Townsville for the floods. Given I am the representing minister, I'm just waiting to have those figures handed to me. But I know that we have had that transition costed, and it's in the order of $120 billion to $130 billion. That's my understanding. Importantly, the CSIRO—an organisation I know you haven't got an enormous amount of time for but the most reputable science organisation in the country—and the Australian Energy Market Operator, who probably knows more about the energy market than any other group within Australia, have both made clear that ensuring that we meet our future power needs with renewables backed up by gas and firmed by batteries is the cheapest way that we can meet our power needs going forward.

I wasn't too far off the mark. AEMO's integrated system plan found that the net present value under a step-change scenario towards a renewable based system is $122 billion. Of course, that's significantly lower than the figure it will cost for Mr Dutton's nuclear program. As I said, people as reputable in this country as the CSIRO and the Australian Energy Market Operator have found that it's not just environmental benefits that we get from meeting our power needs through renewables going forward; it's actually the cheapest way we can do so as well. That's the direct answer to your question—it's $122 billion.