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Government To Invest $1.9bn In ‘New, Emerging Technologies’

CANBERRA: Prime Minister Scott Morrison has announced the Federal Government is sinking $1.9 billion into new and emerging technologies as part of an investment package that he said will support jobs, strengthen the economy and reduce energy emissions.

Morrison said the investment package aimed to use future technologies to lower emissions would “back jobs now and into the future, cut costs for households and improve the reliability of our energy supply”.

The investment package includes an extra $1.62 billion for the Australian Renewable Energy Agency (ARENA) to invest, as well as expanding the focus of ARENA and the Clean Energy Finance Corporation (CEFC) to back new technologies that will cut emissions in agriculture, manufacturing, industry and transport.

“Our JobMaker plan is about protecting and creating the jobs of today and positioning Australia for the jobs of the future, which is why our investment in new technologies is so crucial,” the Prime Minister said.

“Australia is in the midst of a world-leading boom in renewable energy, with over $30 billion invested since 2017. The Government will now focus its efforts on the next challenge: unlocking new technologies across the economy to help drive down costs, create jobs, improve reliability and reduce emissions.”

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