Debates about Australia’s CCS prospects often begin with seemingly rational questions of “competitive edge”: the ability to attract investment, deliver projects efficiently, secure bankable storage, and sustain clear, clear regulatory settings. But alongside this analytical frame sits a more forceful realpolitik: shifting CCS narratives, activist pressure, investor scepticism, and short-cycle political volatility that can undermine long-cycle project needs. This presentation counterpoints these two lenses—what the evidence says Australia needs to stay ‘competitive’, and how political dynamics shapes outcomes. By comparing peer jurisdictions, we test whether Australia is gaining, holding, or losing ground—and what actions might restore credibility and leadership.