The Clean Energy Finance Corporation (CEFC), which provides a finance stream for loony renewable energy projects, was instructed to get as much of its $10 billion budget of borrowed funds out the door before an expected change of government.
The CEFC (a monumental jewel in the Green crown) was agreed to by Gillard in return for the keys to The Lodge.
To gain access to this massive Green cache of borrowed money an applicant must have first been refused finance by the commercial sector. Golly!
In other words it has to be seen to be a hopelessly dodgy, uneconomic Green scheme before it's approved as a goer.
It must have already been rejected by normal financing sources... it needs to be proved to be a financial flop that nobody else will touch before it qualifies for our borrowed funds!
Christine Milne gloated at her Press luncheon yesterday that legislation had been framed in such a way that made it impossible for Abbott to reverse. (Total contempt for the Australian people and totally lacking in any ethics)
The funds could not be clawed back before the con merchants spent it. And the con merchants were mushrooming in their thousands for a piece of the free pie.
Without Senate estimates it's impossible to find out what's left of the pie but reports are that no more than a few crumbs remain.
When these hastily-formed shell company applicants falter, as inevitably they must, there is no recourse for an incoming government to recover the funds.
Many twelve cylinder sports cars are already parked in purpose-built million dollar beach houses designed to monitor sea levels. Hmmmm.
These fanciful crazy Green schemes, requiring little or no compliance, are designed to defy Abbott’s proposed cuts.
If all that isn’t a little irritating, how about this:
Last Friday, while in caretaker mode, the Rudd Government signed a contract with a Saudi company called Red Sea Housing Services to build accommodation on Manus Island costing $35,000,000! (NOT even an Australian company)
So much for sorely needed Aussie, or even PNG, economic stimulus!
