Cost to Australia of keeping ICE vehicles

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Cost to Australia of keeping ICE vehicles

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Australia exported $250B and imported $202B of products in 2020, a $48B excess in balance of payments, which is misleading.

The exports were predominantly raw materials that included Iron Ore ($79.6B), Coal ($36.4B), Petroleum Gas ($26.8B), Gold ($17.7B), and Frozen Beef ($4B). These exports provided minimal employment with the income going to a small ownership group.

Imports were predominantly manufactured or refined products such as Cars ($13.7B), Refined Petroleum ($10.8B), Trucks (9.46B), Gold ($6.49B), Broadcasting Equipment ($6.38B), and Computers ($5.76B). These imports had the majority of their value added overseas and are paid for by a large cross section of Australians.

Add the cost of the Fossil Fuel subsidy of $10.3B in 2020 and growing to $11.6B last financial year.

And although not totally attributable to fossil fuels, this doesn't take in their share of the indirect cost of poor air quality and severe weather events!
Air pollution in Australia is responsible for $2.6B in health costs and almost 5000 Australians die every year as a result of our air pollution.
As at May 2020, the Insurance Council of Australia estimated the total insurance loss attributed to the bushfires nationwide to be $2.3B.
Floods that swept through South-East Queensland and Northern New South Wales in late February and early March 2022 has caused $4.8B in damages.

Therefore the net cost to Australia of ignoring climate change, subsidising fossil fuel, AND importing cars, trucks and refined fuel is at least $84B per annum to the budget bottom line.

Written by Chris Moore, the views herein are mine and not necessarily those of EMMA

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Sources:
https://oec.world/en/profile/country/aus
https://oec.world/en/profile/bilateral- ... porter/aus
https://oec.world/en/profile/bilateral- ... porter/aus
https://oec.world/en/profile/bilateral- ... porter/aus
https://insurancecouncil.com.au/resourc ... ster-ever/
https://www.researchgate.net/publicatio ... _solutions
https://www.singletonargus.com.au/story ... hs-a-year/
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