Renewables still the cheapest new-build power in Australia CSIRO, page-6

What penalties? Fossil fuels get subsidies...
Global fossil fuel subsidies reach $5.2 trillion, and $29 billion in Australia

And here is the current facts on new builds costs:


I recommend reading this article that explains how and why renewables are now the cheapest https://ourworldindata.org/cheap-renewables-growth
Here is the article summary