How to stop the Clean Energy Finance Corporation (CEFC)

Posted by – 26 June, 2014

PUP, the Greens and the ALP all support the CEFC, which is basically a government funded bank lending up to $10 billion of taxpayer money to below grade investment proposals spruiking dubious green technology. CEFC is a CAC body, or in other words a quasi-independent government body that cannot be easily controlled like a department of state. The government has directed the CEFC to cease lending operations, but the CEFC has refused to do so arguing that their legislation requires they continue to lend money. The CEFC legislation stipulates that $2 billion be deposited in a special account, by the Commonwealth, every 1 July up to and including 2017 . The legislation does not state, however, that the CEFC must lend $2 billion every year. Any surplus funds not ‘immediately’ required by the CEFC have to be returned to the Commonwealth on the direction of the responsible Minister. So the CEFC could cease or greatly slow operations if it really wanted to. It is essentially a rouge government agency thumbing its nose at the elected government and the central government agencies (PMC, Treasury and Finance) that govern all other agencies. Unbelievable!

Notwithstanding the CFEC’s belligerence, under the CEFC legislation, the Department of Finance has to fund CFEC’s operating expenses ‘as soon as practicable’ and to agree to the level and period of the funding. Currently $18 million a year. There is nothing stopping the government from winding back the CEFC’s operating funding. If there is no agreement there is no funding and the CFEC’s operations would cease, or agreement could be reached at a lower level thereby frustrating CEFC’s operations. The government would continue to deposit $2 billion into the CFEC’s special account, in accordance with the legislation, but the CFEC would not have the resources to allocate the investment funding. The special account would grow and the Finance Minister would then direct the CEFC to hand back the unallocated funding. If the CFEC decided that the funding was ‘immediately’ required, as stipulated under the legislation, at least the special account funding would not be allocated and could be harvested by Finance at a future point in time.

This would all be implicit of course, in order to limit the possibility of legal action by the CFEC. However, if the CFEC did decide to launch legal action against the Commonwealth, CFEC’s would struggle to pay its legal fees. They would quickly empty their operating budget, possibly even attempt to borrow money to help pay the legal costs, and in doing so expose themselves to a damaging audit (just for staters) from the ANAO for unfunded liabilities. The CFEC would be committing suicide if they undertook such a course of action.

I didn’t know Al Gore was now running the country

Posted by – 25 June, 2014

This is ridiculous.

The Fairfax MP and leader of the Palmer United Party is also planning to propose an emissions trading scheme to tackle climate change - similar to the one proposed by the Labor Party…..Mr Palmer, whose party will hold three balance of power seats in the Senate from next Tuesday, is flanked by climate change campaigner and former US vice-president Al Gore…..Mr Palmer is set to also reveal that his party will demand the Renewable Energy Target and the Clean Energy Finance Corporation are also retained.

Gore then provided a sermon on reducing Co2 emissions. I didn’t realise that anyone voted for an ETS. Palmer is a fraud. He promised to get rid of the Co2 tax at the last election, and now he is just renaming it as an ETS.

Palmer is a fraud, or it least very tricky. Nothing is ever black and white. He promised at the last election to get rid of the Co2 tax, now he is simply renaming it as an ETS.

Time to prepare for a double dissolution election.


I’m not buying this whole line put forward by 2GB, Bolt and The Australian that Palmer was just fudging about the ETS. Once it starts, even at $1 per ton, it will be very difficult to undo.


Posted by – 21 June, 2014

Clive Palmer is not going away

Posted by – 17 June, 2014

Clive Palmer just gave the most coherent interview yet since starting PUP, on the Richo and Jones Sky News TV programme. PUP is not about to become a One Nation. I don’t necessarily support PUP, but I recognise that he is hooking into Australians that are fed up with the traditional parties.

Our very own axis of evil

Posted by – 11 June, 2014

Abbott is standing up to the USA, so why is the left-wing media so opposed to it?

Ottawa (AFP) – Canada and Australia’s conservative prime ministers said Monday economic concerns trump climate action, with Ottawa’s Stephen Harper insisting any nation claiming otherwise is lying.

Both leaders have faced increased criticism over their climate policies after US President Barack Obama last week unveiled the first major regulations to reduce greenhouse-gas emissions in the United States.

The Abbott no apology tour

Posted by – 10 June, 2014

I can’t help get the impression that Abbott’s talk in Canada was directed as much to Obama, who Abbott visits next, as it was to Canada. Abbott said:

Australia should always do what we can to protect our citizens, to help our friends and to advance our values.

This Australian government will never be embarrassed or apologetic about doing what is necessary to keep our country strong and our friends safe.

‘Not the Qantas Club guys that went array’

Posted by – 4 June, 2014

Just Obama releasing 5 terrorists from Club Gitmo for one US Army alleged deserter.

Turnbull vs Bolt

Posted by – 2 June, 2014

Good summation of the Turnbull vs Bolt issue. In essence, Turnbull is a light weight who is failing as the Communications Minister (just as he failed as the Opposition leader and leader of the 1999 ‘yes’ case) and is not a team player. The NBN is still a financial disaster, the ABC continues to be a bastion of LabGreen dogma and free speech is still under attack. Turnbull intends to do nothing to address those Communications issues. It is a record of failure. As a note, Abbott is basically dismantling Turnbull’s Howard era water reforms. Turnbull has nothing much to show for his time in politics.

Obviously the ABC and the Canberra press gallery are on the side of Turnbull, which tells you all you need to know about Turnbull’s loyalties.

This is a distraction from the main issue: Turnbull is a hopeless Communications Minister.

A new political force is born

Posted by – 28 May, 2014

It’s a real shame we don’t have a UKIP in Australia. PUP is an embarrassment.

Daniel Hannan’s assessment.

Abbott delivers where Ruddllard couldn’t

Posted by – 7 April, 2014