Mathias Cormann says government has become ‘way too big and way too wasteful’
The Australian Renewable Energy Agency (Arena) will be abolished as part of a move to axe or merge 70 agencies in Tuesdays budget and the government is warning of further cuts by the end of the year.
Arena was created by the previous Labor government to fund renewable energy projects and research with a $2.5bn budget. The Coalition has already cut $435m from Arena and was planning to defer $370m more of its funding, in line with Labors proposals in last years budget.