Going backwards: Critics say the Abbott government's new budget cuts to climate change research and renewable energy has set policy back to the 1990s. Photo: Andrew Meares
Australia's climate change action has effectively ground to a halt with the budget revealing big cuts to research and renewable energy, moves that critics say sets policy back to the 1990s.
Budget papers show funds for climate change-related programs will shrink from $5.75 billion in the current fiscal year to $1.25 billion by 2014-15 and to $500 million by 2017-18. The government will spend more on its national blood program than climate change on all but the first of those four years.
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Australia Strives To Return To Budget Surplus, Mainly Through Spending Cut
The first budget of Australia's newly-elected conservative government is prone to be the tougher in 20 years. According Finance Minister Mathias Cormann, 'it's a budget that puts our government spending on a more sustainable medium to long-term trajectory' and he's 'hopeful that the people of Australia will come with us'.
http://www.actionforex.com/action-insight/special-reports/australia...
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