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ARENA handed lifeline after threat of closure


Source: The Canberra Times, 13 Sep 2016

The Australian Renewable Energy Agency has escaped closure with the government agreeing to restore $800 million of funding.

The agency, which provides financial grants for 40 per cent of the CSIRO's energy research, was set to be stripped of $1.3 billion as part of the government's Omnibus Savings Bill.

The Coalition also planned to merge its funding role with the Clean Energy Finance Corporation, which expects to see a financial return on money it invests in research.

But a compromise was reached on Monday night to limit the cuts to $500 million after criticism from the opposition, academics and workplace unions.

The Canberra-based agency, which employs close to 50 departmental staff, will be funded for five years with $550 million cast over forward estimates.

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