Bill Shorten's 45 per cent emissions reduction target that Labor has committed to will push electricity prices 50 per cent higher, cost workers up to $9000 a year in lower wages and wipe $472 billion from the economy over the next decade, according to the first independent modelling of the energy policies of both the government and opposition.
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The Australian reports, the Coalition’s commitment to meeting a 26-28 per cent reduction under the Paris Agreement would also come at a cost, with $70 billion in cumulative economic losses by 2030 and a two per cent hit to real wage growth.
The research, which is currently under peer review in the US, has been authored by Brian Fisher, the former head of the Australian Bureau of Agriculture and Resource Economics, who served under the Hawke, Keating and Howard governments as a chief adviser on climate policy.
The comprehensive modelling of the economy-wide impacts of both parties’ climate change policies has exposed claims by Labor and the Coalition about the costs of their commitments. It suggests that Labor’s policy would result in 336,000 fewer jobs in 2030 than there otherwise would have been while the Coalition’s commitment would result in 78,000 fewer jobs as the economy adjusted to transitional shock.
Conservative Party leader Cory Bernardi has told Sky New Outsiders programme, the Paris Agreement and the whole Climate Change industry is a dangerous UN cult.
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