Promise check: An investment of $16 billion by 2024-25 to modernise and rebuild Australia’s electricity grid

At the 2022 election, Labor promised an investment of $16 billion by 2024-25 to modernise and rebuild Australia’s electricity grid. Here's how that promise is tracking.

(Image by ABC News: Andrew O'Connor)

In order to meet the demands of a major planned boost of renewables in the energy mix, Labor proposed a significant upgrade of the nation's electricity grid.

The policy billed as, "Rewiring the Nation", is a central component of Labor's broader "Powering Australia" plan, which it said would drive down emissions, create jobs and reduce the cost of energy.

"Labor's Rewiring the Nation will invest $20 billion to rebuild and modernise the grid, in line with a blueprint already completed by the Australian Energy Market Operator and signed off by all governments," the policy document reads.

Speaking at the National Press Club in January 2022, then opposition leader Anthony Albanese described acting on the Rewiring the Nation plan as part of the "low-hanging fruit you can achieve in the first term".

Anthony Albanese, Federal Opposition Leader, addresses the National Press Club

Mr Albanese described Labor's Rewiring the Nation policy as "low-hanging fruit" at the National Press Club.

Watch video on YouTube

Labor said the plan would be administered via a new government-owned entity called the "Rewiring the Nation Corporation", which would partner with the private sector and provide "low cost finance" to begin the grid upgrades set out by the Australian Energy Market Operator.

According to the Parliamentary Budget Office's costing of Labor's policy, the Rewiring the Nation Corporation would commit $20 billion in equity to the private sector over four financial years.

$3.33 billion would be committed in 2022-23, $6.67 billion in each of the following two years and a further $3.33 billion in 2025-26.

Each of these funding tranches would be deployed evenly over 5 years, the costings say.

Assessing the promise

This promise will be considered delivered if Rewiring the Nation Corporation issues funding set out in the costings document in the financial years of Labor's first term (2022-23 to 2024-25) — a total of $16.67 billion.

Here's how the promise is tracking:

19 May 2023

More Promises

Promise check: Increase child care subsidy rates

Before the election, Labor promised to increase child care subsidies for all families earning up to $530,000, as well as extend the increased subsidies to outside school hours care. Here's how the promise is tracking.

Promise check: Legislate 10 days of paid family and domestic violence leave

At the 2022 election, Labor promised to legislate 10 days of paid family and domestic violence leave. Here's how the promise is tracking.

Promise check: Hold a referendum to constitutionally enshrine a Voice to Parliament in the first term

At the 2022 election, Labor promised to hold a referendum to constitutionally enshrine a Voice to Parliament in its first term. Here's how the promise is tracking.

Pharmacist holding medicine box and capsule pack in pharmacy drugstore.

Promise check: Reduce the maximum charge for PBS scripts by $12.50 from January 2023

At the 2022 election, Labor promised to reduce the maximum charge for PBS scripts by $12.50 from January 2023. Here's how that promise is tracking.

Load more +

Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business - Artwork 'Sentient' by Hollie Johnson, Gunaikurnai and Monero Ngarigo.

More information

Promise check: An investment of $16 billion by 2024-25 to modernise and rebuild Australia’s electricity grid