GenCost is a leading annual economic report that estimates the cost of building new electricity generation, storage and hydrogen production in Australia to 2050. This report recognises that Australia’s future electricity system needs a mix of technologies to remain reliable, secure and flexible – with cost being just one part of the equation.

The draft report for consultation of an annual assessment of the costs of electricity generation, energy storage and hydrogen production technologies. It finds for the seventh year in a row, renewables have the lowest cost range of any new electricity generation, despite varied inflationary impacts across technologies.

Each year, the CSIRO and the Australian Energy Market Operator collaborate with industry stakeholders to update GenCost. This leading economic report estimates the cost of building new electricity generation, storage, and hydrogen production in Australia out to 2050.

This report recommends a new national partnership across all levels of government to plan the consumer energy transition so that all households can decarbonise and to ensure that the last households to electrify are the ones that choose to wait, not those who couldn’t afford to.

Using data on Australian households over time, this article finds that workers' perceptions of their own job security have declined in recent years. These weaker job security perceptions have provided a small drag on wage growth.