Xenophon tries to save ARENA with loans

Independent Nick Xenophon wants to save ARENA by making grants repayable with interest.

Nick Xenophon

Independent Nick Xenophon wants to save ARENA by making grants repayable with interest. (AAP)

Independent senator Nick Xenophon wants to change funding arrangements for a key renewable agency to pull it off the chopping block.

He promises his bloc of three senators will vote against a planned $1.3 billion funding cut to ARENA and instead propose to force grant recipients to repay the amount with interest if the project is commercially successful.

"The cuts ignore the critical role ARENA plays in driving early stage innovation," he said in a statement on Friday.


Share
1 min read

Published

Source: AAP

Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world