https://australiainstitute.org.au/post/57-1b-record-breaking-fossil-fuel-subsides-following-climate-election/

$57.1b: Record Breaking Fossil Fuel Subsidies Following Climate Election

New research shows fossil fuel subsidies over the forward estimates have increased to a record breaking $57.1b, up from the $55.3b forecast in 2022.

As the federal budget approaches, future fossil fuel subsidies will cost 14 times the amount invested in the Australian Disaster Ready Fund, and more than the amount spent on the Australian Army.

Key Points:

• Fossil fuel subsidies over the forward estimates have increased to a record breaking $57.1b, up $1.8b from the $55.3b slated in 2022 budgets.
• The cost of the Fuel Tax Credit is expected to increase 33% in the next three years, driving future fossil fuel subsidy costs to a record $57.1 billion, 14 times the balance of the Australian Disaster Ready Fund.
• The Fuel Tax Credit Scheme is forecast to cost $7.8 billion in 2022-23, more than the $7.6 billion spent on the Australian Army.
• Fossil fuel subsidies cost $11.1 billion in 2022-23 across all state, territory and federal governments, equivalent to $21,143 per minute.
• Assistance to the coal sector has declined by $270 million, while measures that support the oil and gas industry have increased by $350 million.