Australia Nuclear Update

Federal Treasurer Peter Costello has joined many of his colleagues who are supporting the establishment of a nuclear power industry in Australia:

The Treasurer's backing of nuclear power generation gives considerable weight to growing political and business support for such an industry in a country with the world's biggest reserves of uranium.

Mr Costello said yesterday that rising oil prices - now more than triple the mark of $US20 a barrel in 2000 - combined with growing demands to limit greenhouse gases meant nuclear power would become more favoured as a source of energy.

The Treasurer said if an Australian power supplier thought it economically viable then it should be allowed to build nuclear power plants.

... "I think there is going to be a bigger demand around the world for nuclear power and we have something like 70 per cent of the world's proven uranium reserves," he said.

The Advertiser quotes Costello as saying:

"I have a feeling with greenhouse that nuclear energy is going to come right back.

"There should be rigorous safety standards but there should be no federal ban on nuclear fuel.

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