Thursday, 15 September 2016
Budget Savings (Omnibus) Bill 2016; In Committee
I certainly have not indicated that a saving to fund the $800 million contribution to ARENA would come from what you have just described. I actually answered that in my initial contribution in response to Senator Hinch's amendments. The funding for the restoration of $800 million to ARENA for ARENA grants comes from savings in other parts of the bill, principally the changes to family tax benefit supplement arrangements. However, given the decision to restore $800 million in funding for ARENA, for ARENA grants, and to avoid an unintended increase in overall public resources available to ARENA beyond that $800 million restoration of grants funding for ARENA, a commensurate adjustment in the Clean Energy Innovation Fund, which is a capital fund jointly managed by CEFC and ARENA to provide debt and equity funding, is necessary. However, for the avoidance of any doubt, the agreement between the government and the opposition has no impact on the overall capital allocation for the Clean Energy Innovation Fund and the CEFC, which remains at $10 billion as before.