Shadow Treasurer Responds to Labor’s Criticism of Nuclear Policy

Shadow Treasurer Angus Taylor speaks to the media during a press conference in Sydney, Australia, on July 4, 2023. AAP Image/Bianca De Marchi

As Prime Minister Anthony Albanese campaigns in Queensland, Shadow Treasurer Angus Taylor has responded to Labor’s criticisms of the Coalition’s nuclear energy proposal.

Taylor claimed Labor was the “greatest hit” to Queensland’s economy and dismissed the government’s analysis of the Opposition’s $330 billion nuclear plan as “desperate.”

He said the Coalition’s nuclear proposal would provide significant savings for households in the long run.

“This is a lower-cost pathway for electricity, and Labor can make up all the nonsense they like. They’re desperate,” he told ABC radio, adding that the plan could reduce bills by 44 percent over time.

Labor estimated the nuclear plan would cost Queensland around $872 billion, or 5 percent of its gross state product by 2050.

“Their only plan that they’ve put forward is for nuclear reactors that'll cost $1,200 for every Australian more,” Prime Minister Anthony Albanese told Sunrise on Jan. 7.

Treasurer Jim Chalmers said the plan was “economic madness,” arguing it would hurt household budgets and slow growth.

“Peter Dutton is the biggest risk to household budgets and Australia’s economy because he wants to push up power prices, slow growth, and come after wages and Medicare,” he said.

Coalition Defends Nuclear Proposal

The Coalition, however, said its nuclear plan offers a more cost-effective energy strategy compared to Labor’s renewable energy policies.

It unveiled economic modelling by Frontier Economics to support its nuclear energy policy, estimating savings of up to $263 billion compared to Labor’s renewable approach.

Shadow Treasurer Taylor pointed to its long-term benefits, reiterating that, “This is a lower-cost pathway for electricity, and Labor can make up all the nonsense they like. They’re desperate.”

The Coalition estimates achieving net-zero emissions by 2050 under its nuclear plan would cost $331 billion, a figure they argue is sustainable and beneficial for consumers.

“This is a plan which will underpin the economic success of our country for the next century,” Dutton said.

Polling Shift Favors Coalition

The latest Roy Morgan poll suggests a shift in voter preferences, with the Liberal-National Party (LNP) Coalition now leading the Labor Party in a two-party preferred vote.

If an election were held today, the LNP would win with 53 percent of the vote, up by 1 percent since Christmas, compared to Labor’s 47 percent.

The poll also revealed a notable shift in Green preferences, with only 55 percent favouring Labor, down from 85 percent before Christmas. Primary support for the Coalition dropped slightly to 40.5 percent, while Labor’s primary vote rose to 31 percent.

The Roy Morgan survey, conducted from Dec. 30 to Jan. 5, 2025, interviewed 1,446 Australian electors.

Meanwhile, 6.5 percent of voters remain undecided, suggesting volatility in the political landscape ahead of the next election.