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Australian Coaltion Plans To Abolish Green Investment Bank

Lenore Taylor, The Guardian

The [Australian] government’s new $10bn green investment bank claims the Coalition is asking it to act illegally by urging it not to carry out its statutory duties ahead of September’s election.

The Clean Energy Finance Corporation (CEFC) says the Coalition is also suggesting it could act illegally itself, as it takes steps towards its planned abolition of the bank – which lends on commercial terms but which the Coalition has labelled a “giant slush fund”.

In his budget-in-reply speech, Tony Abbott revealed he was counting on the abolition to deliver $1.2bn in savings over the next three years.

The shadow finance minister, Andrew Robb, and shadow environment minister, Greg Hunt, wrote to the CEFC chief executive, former Macquarie bank executive Oliver Yates, in February, urging him to make no funding commitments prior to the election on the basis the Coalition would abolish it.

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