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The Real Estate Institute of Australia (REIA) has welcomed the announcement of funding for a household and business electrification package.
The Australian Greens Party was behind the push to secure the funding for the package in budget 23-24 — and make a move away from coal and gas.
While details for the package are still required, REIA president Hayden Groves said the pragmatic approach is “wholly welcomed by Australia’s residential and commercial property sector”.
He outlined that “the biggest barrier to electrification in homes or small businesses fundamentally come[s] down to cost”.
“The benefits to cost of living, productivity and, of course, emissions reduction are enormous,” he said.
Citing data from the latest Australian Sustainable Built Environment Council (ASBEC), he flagged that the latest report shows “that a 100 per cent electrification trajectory can create a collective saving over the status quo of a massive $49 billion”.
“The same ASBEC report also concluded that tackling the issue of high upfront incremental capital cost of electric needs to be prioritised,” he continued.
“REIA has always argued that ordinary households cannot shoulder this burden alone, and it is pleasing to see this package intending to deliver back to households to assist them to electrify.”
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