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QUESTION ON NOTICE

Question:

22 February 2022

Why did the RBA not tell the Treasurer that there were significant risks, especially in regard to duplicate serial numbers and fake gold bars, around Australia’s gold holdings?

Answer:

Question Number: 88
PDR Number: AET088
Date Submitted: 22/02/2022
Department or Body: Treasury

The RBA is aware of the discovery of fake gold bars through duplicate refiners’ serial numbers in the smaller 1kg bar market, not the 400oz (11.3kg) LBMA Good Delivery bars that comprise the RBA’s holdings. As such, the RBA does not see this as a significant issue for its own holdings. Nevertheless, to mitigate any potential risk, the RBA refrains from publishing the serial numbers of the bars that it holds.

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28/11/2022

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28/11/2022

Senator RENNICK: Thanks very much. Yet again, in terms of the overall modelling, have you got a breakout of how many turbines you need, how many solar panels you need to get to 82 per cent renewables? Ms Brunoro: Again, the Integrated System Plan does provide an indication of the type of the level of renewable energy, so just bear with us a second. Mr Peisley: Sorry, I don’t think we do have that figure in front of us. We’re happy to take it on notice and get it to you. Ms Brunoro: But if it gives you a sense of it, it’s nine times the amount of the existing variable renewable energy that currently is-well, as of when the last Integrated System Plan came out, it was operating in the NEM at that point. So that gives you the quantum ofSenator RENNICK: So nine times what? Ms Brunoro: Nine times. Senator RENNICK: Yes, but what? Ms Brunoro: The variable renewable energy that is currently in the National Electricity Market. Senator RENNICK: So what’s the cost of that? Ms Brunoro: Again, Senator, it depends on the mix of technologies that you’re going to deploy. There are some figures that we can pull out for you around what they roughly think around different-solar versus wind for instance. We can actually seek to provideSenator RENNICK: So can you give me some definite costings on that? Not now, but on notice?

28/11/2022

1. According to the December 2020 update, Australia emitted 499 million tonnes of carbon dioxide equivalent to a 5 per cent decrease on 2019. Australia’s grasslands are estimated to be 440 million hectares and native forest 147 million hectares, a total of approximately 587 hectares. It is estimated forest and grasslands absorb between 0.5 and 2 tonnes of carbon per hectare. Assuming an average of 1 tonne of CO2 absorbed by these landscapes then isn’t Australia already at net zero? 2. Can the CSIRO provide a comprehensive roadmap of the work required for Australia to meet a 43% reduction in CO2 by 2030? This roadmap should set out the length of transmission lines, the number of transmission towers, the number of solar panels (for a given wattage), the number of wind turbines (for a given wattage), the number of batteries (for a given storage), the amount of lithium, copper, cobalt, nickel, concrete, and steel etc. needed to build the aforesaid generators and storage. It will need to include the amount of land needed for solar, wind, transmission, and storage products and the biodiversity offsets. Could the amount of CO2 required to build, recycle, or dispose of the aforementioned items also be included. Likewise, could the cost of building, recycling, and disposing of the aforementioned items also be clearly outlined. Biodiversity impacts such as increased tyre wear due to heavier batteries in cars, increased breaking distance on roadkill, impact on bats and birds from transmission lines and wind turbines, and removal of native flora and fauna due to land use should also be clearly outlined. 3. If the CSIRO cannot provide, can it state which department is responsible for maintaining and tracking the roadmap and refer the question onto them? 4. Could the change in Earth’s temperature as a result of Australia undertaking the 43% reduction in CO2 measures please be stated in order to ensure appropriate benchmarking and accountability if targets are not met? 5. Could the CSIRO confirm if every country uses the same methods to calculate CO2 emission and reductions? If not, why not? What guarantees are there under the Net Zero that Australia won’t be disadvantaged as a result of signing up to the Net Zero pledge?

23/11/2022

1. Can the Department of Climate Change, Energy, the Environment and Water provide a comprehensive roadmap of the work required for Australia to meet a 43% reduction in CO2 by 2030. This roadmap should set out the length of transmission lines, the number of transmission towers, the number of solar panels (for a give wattage), the number of wind turbines (for a given wattage), the number of batteries (for a given storage), the amount of lithium, copper, cobalt, nickel, concrete, and steel etc. needed to build the aforesaid generators and storage. It will need to include the amount of land needed for solar, wind, transmission and storage products, and the biodiversity offsets. Could the amount of CO2 required to build, recycle, or dispose of the aforementioned items also be included? Likewise, could the cost of building, recycling, and disposing of the aforementioned items also be clearly outlined? Biodiversity impacts such as increased tyre wear due to heavier batteries in cars, increased breaking distance on roadkill, impact on bats and birds from transmission lines and wind turbines, and removal of native flora and fauna due to land use should also be clearly outlined. 2. If the Department cannot provide, can it state which department is responsible for maintaining and tracking the roadmap and refer the question onto them?

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