The A-list of national and international companies lining up to invest in the Marshall Government’s Port Bonython Hydrogen Hub highlights the financial risk of Labor Leader Peter Malinauskas’ $1.2 billion taxpayer funded hydrogen power plant.
“Under Labor’s plans $1.2 billion of taxpayers’ money will be squandered competing against the deep pockets and international expertise of some of the world’s leading industrial companies,” Treasurer Rob Lucas said.
“By way of contrast the Marshall Government will deliver up to $13 billion of private investment, thousands of jobs and a new industry with a modest, targeted taxpayer contribution.
“The Marshall Government’s hydrogen hub announced yesterday is 12 times larger than Labor’s proposed project and is led by credible private sector parties from Australia, Japan, and Canada.
“Mr Malinauskas needs to detail what taxes he is going to increase or services he is going to cut to pay for his $1.2 billion experimental hydrogen plant that by his own admission won’t reduce electricity prices.
“Why would anyone spend hundreds of millions of taxpayer dollars on a power plant when it won’t reduce power prices for struggling South Australian families?
“Mr Malinauskas won’t be able to deliver his promises around health because he’ll have to slash to budget to pay for his $1.2 billion hydrogen white elephant.
“Labor’s plan is friendless – the power plant is too slow for South Australia according to the energy market operator, and Labor’s bungled costings mean that the taxpayer is exposed to $1.2 billion in costs up front, and ongoing losses.
“Labor even forgot to budget for an upgrade to the transmission network to get its power to market, despite it being publicly available for years that this would be needed to locate their project at Whyalla.
“The Port Bonython Hydrogen Hub has made a mockery of Opposition spokesman Tom Koutsantonis’ claim that the Port Bonython expression of interest “won’t create a hydrogen hub”.
“How wrong could he be? Well, about as wrong as when he said their policy would cost $600 million, when it’s likely to cost $1.2 billion or more.
“In contrast, the Marshall Government is investing in a targeted way to unlock billions of dollars in private sector investment.”