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Whether we like it or not, hydrocarbons power the Australian economy.
The Australian Energy Update 2025, produced by the Department of Climate Change, Energy, the Environment and Water, shows that hydrocarbons in the form of oil (41%), coal (25%), and gas (25%) accounted for 91% of Australia’s primary energy use in 2024.
Despite all the hoopla over Australia’s renewable energy transition and the countless billions spent on subsidies, renewable energy sources like solar, wind and hydro accounted for only 9% of Australia’s primary energy use in 2024 and have barely grown their share since the mid-1970s:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.