Malcolm Turnbull is attempting to discredit Labor’s new emissions intention. Here are six reasons the government’s campaign is wrong1. The prime minister says that by promising to slice emissions by 45% by 2030,rather than 26% to 28% (as the government has pledged) Labor is “doubling the burden” on Australians. But modelling commissioned by the Coalition from leading economist and former Reserve Bank board member Warwick McKibbin showed that a 45% slice would shave between 0.5% and 0.7% from gross domestic product (GDP) by 2030, whereas a 26% slice would shave between 0.2 and 0.3%. In other words the difference in the economic cost of the Coalition’s target and Labor’s target is approximately 0.3% of GDP in 2030. That’s 0.3% of an estimated GDP of over $3.5 trillion. It’s not tough to work out that is not doubling an economic burden. Related: Labor proposes two emissions trading schemes costing $355.9m Continue reading...
Source: theguardian.com