Queensland Could Face $872 Billion Economic Hit from Nuclear Plans
New modeling reveals Queensland’s economy could suffer significantly under proposed nuclear power initiatives
Queensland, Australia, Nuclear Energy, Economy, Peter Dutton, Jim Chalmers
Queensland: The state is looking at a staggering $872 billion economic loss due to the Coalition’s nuclear power plans. This figure comes from new government modeling that suggests the state could really take a hit.
According to the plan, two nuclear sites would be set up in Tarong and Callide. But the implications are serious. The modeling indicates that major industries, like the Boyne Island aluminium smelter, could shut down or drastically reduce their output.
By 2030, these operations might only be running at half capacity, and it doesn’t look like they’ll bounce back. The calculations are based on a slower growth scenario, which doesn’t bode well for the state’s economy.
Treasurer Jim Chalmers has been vocal about his concerns, calling the nuclear proposal ‘economic madness.’ He argues that it would hurt every household in Queensland, pushing energy prices up and stunting growth.
Chalmers, who represents Queensland in the Albanese government, is adamant that this plan is a huge risk. He’s worried about the impact on household budgets and the overall economy.
Previously, he mentioned that Australia could lose a whopping $4 trillion in output by 2050, with $1.4 trillion of that coming from New South Wales alone. The Labor party’s modeling shows that Queensland could lose $872 billion from 2025 to 2050 if the nuclear plan goes ahead.
These figures were shared just as the Prime Minister was touring Queensland, visiting places like Rockhampton and Cairns. Despite the Coalition pushing nuclear energy as a key part of their election strategy, the state’s LNP government has rejected the idea so far.
With Queensland currently under a moratorium on nuclear energy, any change would require a plebiscite to lift the ban. Meanwhile, Deputy Liberal Leader Sussan Ley has been asked about the lack of details in the Coalition’s nuclear plan, promising that more information will come as the election approaches.
She mentioned that when she talks to people, they’re not focused on the nitty-gritty details but rather on the broader idea of nuclear energy and its potential benefits, especially in light of rising living costs.