Prime Minister Tony Abbot has flagged massive cuts to funding for renewable energy which the sector's peak body says could spur an exodus of companies overseas.

The Clean Energy Council (CCEC), Australia’s peak body for the renewable energy sector, said that the Abbot government’s proposed legislation for the repeal of the carbon tax contains a provision which will reduce funding for the Australian Renewable Energy Agency (ARENA) by $435 million over the next three years. [caption…