## 2 Background
### Australian Policy and Regulation
#### 2.1.3 Energy Efficiency  
The National Energy Productivity Plan (NEPP) is a package of measures that aims to improve Australia's energy productivity by 40% between 2015 and 2030 [34]. One of the key initiatives that addresses the NEPP target is provided in the Trajectory for Low Energy Buildings, which was released in 2019 and outlines policies that deliver cost-effective energy efficiency improvements for homes and businesses [35]. One of the proposed actions is to perform triennial revisions to the National Construction Code (NCC) requirements in order to incorporate measures for energy productivity. Several policy initiatives that support this activity are already underway.  
The Victorian Energy Upgrades (VEU) program (formerly the \"VEET scheme\"), which was established under the Victorian Energy Efficiency Target Act 2007, helps Victoria residents to reduce their energy bills and GHG emissions by providing access to discounted energy-efficient products and services. Large energy retailers are required to acquire and surrender Victorian Energy Efficiency Certificates (VEECs) to meet the annual targets that are set in Victorian legislation [36]. The target that has been announced for 2021 is 6.5 million VEECs, progressively increasing to 7.3 million certificates by 2025 [37]. The targets for 2026 and beyond have not yet been defined. Each certificate represents one tonne of abated GHGs. The \"accredited persons\" who carry out the upgrade activities by installing energy-efficient products in residential or non-residential premises can create VEECs. The number of VEECs that are created depends on the GHG savings that are obtained from the upgrade. Activities that create VEECs include the installation of energy-efficient appliances (lamps, television, refrigerators, etc.), space conditioning services (window replacement/retrofit and weather sealing) and the installation of heat pumps, among others [38]. The VEU program has no stipulated end date, so it is assumed that it will remain in place throughout the whole duration of FB's development.  
New homes and significant home renovations in Victoria must meet minimum energy efficiency requirements that are mandated by the NCC. There are a few options for demonstrating compliance with these requirements, but by far the most popular pathway is by obtaining a 6-star rating via the Nationwide House Energy Rating Scheme (NatHERS) [39, 40]. Under this scheme, houses are given a star rating from 0 to 10 that is based on the energy efficiency of their design. The rating considers many factors, including the building envelope (the roof, walls, floor and windows), the orientation and the type of glazing. The higher the star rating, the less energy is needed to heat and cool the home in order to keep it comfortable. For example, a 6-star NaTHERS residential building in the Melbourne area requires a maximum thermal energy load of 114 MJ/m\({}^{2}\) per annum [41].  
Office and commercial buildings, on the other hand, are assessed using the National Australian Built Environment Rating System (NABERS), which ranges from one to six stars [42]. This rating involves several parameters, including the intense energy load that is required by office equipment, lighting and computers. Australia's Commercial Building Disclosure policy mandates all sellers/lessors of eligible commercial buildings to disclose information that is related to the building's NABERS rating. This information-based policy intends to ensure that prospective buyers/tenants are informed about the building's energy performance and to stimulate owners to make investments to improve the building's energy efficiency [43].