Australia must electrify

Charging an electric car

Fossil fuel imports: $61 billion a year

Australia spends massively to import fossil fuels. In the 2022/23 tax year, it was:

  • $ 51.9 billion for refined petroleum, plus
  • $ 9.1 billion for crude petroleum.
  • $ 61.0 billion a year in total.

Yes. Australia pays $61 billion ($61,000 million) annually to fuel cars, buses, trucks, tractors, electric generators, ships, and planes.

We must electrify to slash this $61 billion import bill:

  • electrify transport,
  • cut diesel electricity generation, and
  • gain fuel security.

We will not replace jet fuel soon, but transitioning to renewable energy might cut 70% of this cost, or $43 billion annually. This saving could pay for our renewable energy infrastructure.

For example, the planned electricity transmission line between Mt Isa and Townsville will cost $1.7 billion, so cutting imports by $43 billion a year could pay for 25 of these projects yearly.

The import cost came from the “Australian Department of Foreign Affairs and Trade” Australia’s top 25 imports: Goods and Services.

(Copper String promises 60 billion in new investments, and that’s just energy investments: Renew Economy: 20 July 2021)

Increase Australian fuel security.

Moving to renewable energy transport would increase Australia’s security because our fuel would come from our sun and wind.

Currently, Australia’s fuel is at risk because we import our petrol and diesel. International conflicts and accidents, like the blocking of the Suez Canal, could disrupt the supply of these essentials.

Moreover, we only have a low level of backup stocks that would last us under 27 days. A one-month hiccup could stop our cars, buses, trucks, tractors, planes, ships, and electric generators that rely on fossil fuels.

(Australia imports almost all of its oil, and there are pitfalls all over the globe: The Conversation: 24 May 2018)

(Australia has 27 days’ worth of petrol in case of emergency: 20 Sep 2019)

New industry: Bus making

Moving to electric buses is already seeing the emergence of a bus-making industry.

(NSW to roll our 120 electric buses in 2021 ahead of a complete transition: The Driven: 2 Dec 2020)

Other benefits

Moving to renewable energy transport is also bringing other benefits:

  • increasing road safety because popular electric cars almost drive themselves,
  • preparing for when car manufacturers stop making internal combustion cars,
  • reducing the cost of running and maintaining our petrol cars,
  • reducing air pollution and the resulting illnesses, and
  • reducing carbon dioxide emissions.

(Economic benefits of electric cars: RACV: 16 Feb 2021)

Australia’s progress towards electric vehicles

Some electric cars are not expensive. You can now buy:

  • a second-hand electric car for $18,000, or
  • a new one for $40,000.

Australia is moving slowly towards electric vehicles. For example, the NSW Coalition government in 2021 showed the way with policies supporting electric vehicles:

  • ending stamp duty for cheaper vehicles,
  • rebating $3,000 of the sales cost of cheaper vehicles,
  • transitioning the government car fleet to electric vehicles,
  • investing in ultra-fast charging stations,
  • delaying a tax on the distance an EV travels, and
  • transitioning to electric buses.

(NSW unveils a 490 million support package for electric vehicles: Renew Economy: 20 June 2021)

(NSW releases a master plan for 1000 ultra-fast charging along major routes: The Driven: 12 Sep 2021)

An overview of Australia’s progress towards renewable energy superpower

Updated 24 July 2024