APRA, the Australian Prudential Regulation Authority, has warned company directors and other decision-makers that they may be held personally responsible for dumb investment decisions in relation to a transition to a low emissions economy. If a coal-fired power station with or without CCS becomes a stranded asset, whoever approved the funds could be in the gun.
Tony Abbott obviously feels he has to save the nation from his successor Malcolm Turnbull, with a five point plan. Here’s four:
The policy manifesto, which was splashed across the front page of Sydney’s The Daily Telegraph on Friday morning, included freezing the renewable energy target, slashing immigration numbers to improve housing affordability, cutting government spending and abolishing the Human Rights Commission.
That is the title of an article by Jay Weatherill as we suffered the recent heatwave. He believes that electricity supply is a public good and should be in public hands. However, the article is really a plea to Malcolm Turnbull to keep an emissions intensity scheme (EIS) on the table.
Michelle Grattan makes the case that the WA preference deal, (putting One Nation ahead of the Nationals in the upper house regional seats in return for One Nation preferencing against Labor in the lower house, which they probably would have done any way), has ‘normalised’ Pauline Hanson in the Liberal firmament.
The question now is whether One Nation has matured, whether the Liberal Party has moved towards them politically, and whether ON is actually working in the interests of the battlers Pauline Hanson claims to represent.
Millennials in emerging markets generally expect to be both financially (71 percent) and emotionally (62 percent) better off than their parents. This is in stark contrast to mature markets, where only 36 percent of millennials predict they will be financially better off than their parents and 31 percent say they’ll be happier.
A number of reasons are being given for what was a relatively minor power blackout in South Australia, for example in Giles Parkinson’s excellent article, dud forecasts, lousy software, failing gas plants. However, the reason is actually more simple than that – no-one gets paid for despatchable standby power, only power actually used. South Australia needed standby despatchable power when record demand was forecast, and didn’t have it.
I can’t make up my mind whether Malcolm Turnbull’s brains have fried, or whether he is just plain evil. I think of Godwin Grech, and think the former. My wife is convinced it’s the latter, and she’s usually right about people.
Anyway politics reached a new level of absurdity last week, as Scott Morrison brought a lump of coal into the parliament, which ended up between a crazed Barnaby Joyce’s legs, while in Question Time Turnbull’s answer to every question about the omnibus bill to change social security entitlements (and save a heap of cash) was to rant about Bill Shorten, blackouts and dreaded renewable energy in South Australia.
All the while, fossil fuel generators are gaming the system, to extract more from electricity consumers, while the market regulator ends up splitting the profits.
Queensland’s parliamentary system is based on single member electorates. All you can really say in praise of this system is that it reliably provides all Qld voters with a local member. There is no guarantee that the winner of the two part preferred (2PP) vote will form government nor that the parliament will function as a check and balance against government excesses.
This post looks at how a parliamentary system based on 3 member electorates could overcome most of the shortcomings of the current system.