The Federal Minister for Resources, Water and Northern Australia Keith Pitt, has today announced a $50 million taxpayer-funded subsidy to fracking companies in the Northern Territory.
“Subsidising oil and gas fracking is the last thing governments should be doing from both an economic and climate perspective,” said Rod Campbell, Research Director at The Australia Institute.
“The gas industry employs less than one person per million dollars spent, while investment in health and education employs over ten.
“The Minister justifies this hand-out with reference to long-debunked jobs claims made from economic analysis commissioned by gas lobbyists.
“Analysis for the NT Government’s Fracking Inquiry found that fracking in the Territory would create between zero and 500 jobs—with zero being the most likely outcome.
“The greenhouse gas emissions caused from the scale of development the Minister hopes for, is equivalent to an 18 per cent increase in Australia’s annual emissions.
“Subsiding fracking in the NT is economic and climate madness.
“Territorians, and all Australians, deserve better at the end of a long, hot and difficult year.”