I begin by thanking the member for Fairfax for putting forward this matter of public importance, and I'd like to take this opportunity to remind the member that, for too long, Australia has lagged behind the rest of the world in seizing the economic and environmental opportunities that come with cleaner and more affordable energy. We know that, in the global race for new energy jobs and investments, we've found ourselves falling behind, after a decade of policy drift, funding neglect and climate change denial. We've fallen behind in securing the benefits that come from renewable energy—benefits including cheaper energy bills, and savings for Australian households; lower emissions and cleaner air quality; new jobs and manufacturing opportunities; and, importantly, reducing the impacts of climate change: floods, fires, sea-level rise and rising community anxiety. Who remembers the former PM, the member for Cook, whose response to bushfire disaster was: 'I don't hold a hose'?
But times are changing. We now have a government, the Albanese government, which is seizing the opportunity of renewable energy. And we have strong support from our communities, who know that this cannot come soon enough. The Albanese government recognises that the key to economic prosperity and to securing the future health of our planet rests with the transition to renewable energy. That's why, on coming to government, we set ambitious targets for emissions reduction and renewable energy.
As our Minister for Climate Change and Energy has made clear, we've made a good start, but the job is far from over. On this side of the House, we recognise that much of the potential of renewable energy exists in our regions—like my electorate of Corangamite, where there is much open space and where there is capacity for wind, hydro, solar and hydrogen. Corangamite, which includes the Surf Coast, Golden Plains, the Bellarine Peninsula and parts of Geelong, has a strong manufacturing history. When you add a dynamic university like Deakin, a TAFE like Gordon TAFE, and industry that is already on the renewables journey, we are well placed for rapid success. And there are many other regions across Australia just like mine. Our government recognises this, and so do our local communities. They recognise that the transition to renewables will bring with it new jobs, cheaper energy prices and even more cost-of-living relief, that will work alongside our proposed tax cuts for all Australians—tax cuts that will put more money in the pockets of every Australian taxpayer.
It's with the support of community that we've been able to pursue an ambitious renewable energy agenda over the last year. But they want to see this done right. That's why the Albanese government has accepted, and is acting on, all nine recommendations of the Dyer review, in principle. The review has looked at how we can best help local landholders and regional communities to receive real benefits from the renewable energy transformation.
These nine recommendations cover a number of themes: improving the way project sites are selected, increasing early local collaboration; revising planning and approval processes to be more transparent and streamlined when it comes to community feedback; motivating developers to ensure best-practice engagement; improving complaints handling; keeping communities better informed on energy transformation goals, benefits and needs; and equitably sharing the benefits of the transformation. Our government will now work to implement these recommendations, working alongside states and territories, local communities and landholders.
In the past 12 months we've also announced a critical expansion in the Capacity Investment Scheme to deliver the long-term reliable, affordable and low-emissions energy system. We've also established the National Reconstruction Fund, with targeted investment of $3 billion in renewables and low-emissions technologies.
We're achieving so much, but there's so much more to do. In the area of research and development, we're investing so that more people and more companies can make more things in Australia. There's so much potential, and our task is ready and waiting to get going. We have the continued support of the community and industry, and in this way we will become a visionary renewable powerhouse.
